Well, we know the A/S is 1 billion and their registration with The Nevada Secretary of State reflects that and they have a current license. I would expect to see an increase in O/S but I wouldn't directly attribute that to dilution.
The analyst report does mention that Newmarket holds a lot of common shares they can introduce to the market, I think around 64%. Newmarket indicated in the report that they are converting half the shares to a restricted type and the rest are being distributed to "Newmarket shareholders"
I don't know how they legitimize dilution in their heads but they shouldn't need to do a lot since they are operating on a profit margin and I'm sure they would like to see the PPS return to where it was. It's hovering too close to a penny for comfort.
edit: I emailed the company in the unlikely event they will tell me if the 10K is being filled today.
-Chris
In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten. - Peter Lynch
