Ann: Q&A on the merger of QBL MCL and Medcan, page-509

Yeah good point @BigDaniel , so instead of looking at it that QBL paid (say) $20mil in dividends post-acquisition, if we weren't diluted it would have been double the dividend per share, but we need to consider the fact that pre-acquisition QBL probably couldn't afford to pay the $20mil dividends but would have only been able to afford $10mil - hence the same dividend payment to shareholders pre and post acquisition.

I suppose I was looking at it from the perspective of what is the effect of the same final numbers pre- & post-, and not considering that the company wouldn't be able to generate as much revenue/profit/dividends/earnings per share pre-acqusition.

Though the question does still remain about is the value added to the overall holding greater than that lost by QBL shareholders in dilution of the current bauxite interest. It is hard to know given we have no information on the potential EPS generation through our bauxite side of the business as compared to the benefits in EPS that will be realized through these acquisitions (and how long this will take).