I'm not being exact at all
You're trying to be too exact about an inherently inexact process.
just stating a basic fact.
"Dilution that does not bring about an increase in the market cap that is at least the same % as the dilution decreases share price."
For example, you completely left out the issue of financing acquisitions. M&A is inherently more qualitative than quantitative as evidenced by the fact that most mergers that look good on spreadsheets fail.
That does not address the my statement above. What does the difficulty of quantifying M&A activity have to do with my point? If management had indicated that a reason for the shares was to facilitate M&A activity, then you could make the case that the M&A activity could add more market cap then the dilution would cost, but that is a completely different issue.
I hate to sound like an attorney on cross examination, but you answer like a politician, technically correct and saying what you want to say, but not responding directly to the question. You also tend to pick out certain points and ignore the rest. So if you will indulge me with a simple true or false, then you can explain further if you like or explain why you think it is an unfair question if you do. I believe it is very significant and want to make sure those who may be reading our exchange understand that it is true.
True or false: If dilution does not increase the value of the company's market cap by at least the same percentage as the dilution, then it will result in a lower per share price.
