David Flanagan giving BAT a kick on Twitter, page-94

Dilution is part and parcel of the life of a company like this. It can be managed but not avoided and we assume that our managers are managing in the best interests of the co and therefore the s/h's. If not, there are many other cos to invest in and one simply takes the loss - the sooner the better.

Once income producing, the sp will be dependent on eps - refer @Wombat's brilliant analysis. At this stage it appears that our "earnings" will be great.

Acceptable level of dilution??

IMO, use the Labor Party's leading principal - "WHATEVER IT TAKES"!!