What is false is the misconception that there is no dilution. can you provide me one source that says that the float has not increased in a year? because that is what matters. What was the float a year ago and what is the float today?
The fact that there are so many restricted shares is exactly the problem since they free up within 1-2 years max and the unrestricting is continuous. The float is exploding.
It is a common practice for a stock to boast no OS increase during a 12 month period, while silently increasing the float. Then people buy the stock and both the float and OS start increasing. How do we know that PGAS will be any different?