IMHO the reason GTCB's pps has remained in the cellar has more to do with it's past history of mind crunching disappointments, including the EMEA's recent negative opinion. Note the level of enthusiasm for the stock (pps) has not risen to the pre opinion level.
The LFB "dilution" is largely an illusion with little chance of ever showing up in the float. So worrying about it does not make much sense. The "shares" are a vehicle to provide LFB representation in GTCB. LFB needs GTCB.
Stocks climb a wall of fear. The momentum is buiding to overcome the fear created by past failures. This momentum is being provided by genuine improvement in GTCB's finances, it's connections and most importantly by the recognition it is receveiving from its own industry.