I'm happy to have good news rolling in... but don't see utility in seeing things as being other than what they are. Is the news we see now better than what we had... ?? Is it the case that what we had was no news at all ?
We had questions about the state of the financing, which now seem to have been answered in fairly unambiguous terms, which could have been done some months ago... which could have enabled greater share price support... and forestalled the sort of non-share based structural dilution we see now.
I see a cost being imposed as a result of that set of delays in financing, which it would be foolish to ignore.
Perhaps the "profit sharing" will prove to be an element that is inconsequential in its dilution of the value to the other shareholders. Hope so. I don't see that the rewrite of the JV contract is inconsequential.
There is dilution happening, it just isn't a dilution resulting from putting out large numbers of EQUAL shares... but is dilution resulting from an unequal division of the underlying source of value.
I'd prefer to see share dilution and a linear division of value per share... while the effort is made to support share prices. Instead, we see a lack of support for share prices, combined with dilution of the underlying value. I don't have the tools I need at this point to determine the impact of that dilution, the way I would if I saw X number of shares being issued... but, dilution of the "deal" is a far more highly leveraged form of dilution than dilution of shares.
There is now a known cap in the value of the JV... which I see as significant enough for me to question its viability. I see there is a net reduction in total value of the JV that results, along with a larger net reduction in the value to LNGT. Now there is also an unknown new limit on the value of the acquisition before we even know what the technology is, or what the limits in the profit sharing deal are.
I'll restrain my enthusiasm for now.
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