Okay, seems we're in agreement that shares will not be issued for FN listing, and also that Solomon has an expansive appetite with many ambitions yet to hook into his diversified, integrated model.
So, I also think it not unlikely that even with a bond deal, the 100m shares will be reached eventually. But as shareholders, the timing and manner in which that happens is more important even than the ROI for whatever the cash is used for.
It's vital that any new issuance -- any not already committed by virtue of supplier or other debt -- be at far higher prices, after the FN listing, perhaps after further uplistings, and after a bond deal (if that succeeds), and done with a proper secondary.
Pretty confident that Solomon can get a 50% ROI on expanding the distribution network or starting the retail in a big way. If he invests, say $10M in either or both at current prices, he increases the share count approximately 16%. So if he were to otherwise make $90M on 90M shares, he'd make $95M on 105M shares. EPS goes from $1.00 to $.90. There would be strategic value, and probably greater earnings in later years, but still the dilution is pretty bad.
But if sells the shares late in 2013 after a couple uplisting/dual listings at say $3.00 per share, then he'd make $95M on 93.3M shares, adding $.02 to eps.
