Why do investors fear dilution when it's done at the right time and intended to build the company. I don't believe that the company would seriously dilute at todays prices. Once the trial is fully documented by the Journal and the company has ended the quiet period and brought the status of their activities over nearly the last two years up to date I believe our share price will be substantially higher. While I believe we'll authorize substantially more shares, not all that many will be needed to generate hundreds of millions of dollars.
Substantial dilution would be a possibility with an equity partnership, but it will add substantial value, and the stock should come up to roughly the price the BP partner agrees to pay. I believe that LP indicated that a buyout would be for no less than $20 billion, I would think she'd want essentially the same valuation on an equity partnership. I.E. if a BP partner were taking a 30% position in the stock they'd pay at lease $6 billion. It would make sense to me if half the shares were tendered by shareholders, and half were newly issued, so the company increased the outstanding share by 15%, and they'd have $3 billion to work with. I believe that nearly all shareholders would be happy with such a partnership and the share price it would bring.
I don't know it would go this way, but I believe it's the sort of arrangement that both the company and shareholders would be very happy with.
Gary
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