Yep, dilutive financing may already be underway, IMO.
Maybe Pags should read the rules on Rule 144 share restriction periods to see that, even if they claim a 2 year restriction legend, it likey will be much less than that.
Who would agree to 2 years, especially with the history of massive dilution and reverse splits in 2007, 2008, and 2009 - PRmanic
I could see the argument there. Company is reducing their A/S to 500MM from 15B and are in the process of a share buyback program. Yeah, I could see dilution in that formula.
Good Luck!