Well, this is the exact point where we disagree.
Clearly, Solomon's overall capital development budget is accretive, very much so. That's the basis of probably all of our interest.
I simply do not see how you can say the new share issuance portion is not marginal. I imagine that every JV deal can be "repaid" in not only the 25% equity they start with, but also either cash or shares. Likewise all debts to suppliers should be payable in cash, or shares, if necessary.
But maybe you can explain this to me. If Solomon's overall plan does not have - and cannot have -- the discretion to cut back on share issuance when the market is unfavorable, given more than a year's time lead -- then, I'd change my position on this.
In any case, he is building a very profitable machine, but one that will be significantly less so with 130M shares, imo.
Also, if the 30M shares generated $30M, I'd be only 1/2 against it as I am now. Even then, I'd 100% prefer that it be $15M for 15M new shares.
