Hi rjs, so let's put some numbers to it... 34.5M
Post# of 36537
34.5M shares goes to 69M shares, plus an addi' 9M, so 78M total.
9M divided by 69M is 13.04%. Let's say the price is $10 before the dividend, so 34.5M x 10 is $345M. After the dividend we have the same $345M market cap divided by 78M shares, is $4.42/share instead of $5. So we are getting 88% of our value, or a 12% dilution. That's all.