1.   A substantial number of shareholders voted against the refinancing, which greatly dilutes their own holdings.

2.   But Reichling was reluctant to further dilute the holdings of the early investors like Foley.

3.   Existing shareholders often see their holdings severely diluted -- if not wiped out entirely.

4.   Its investment dilutes the holdings of other owners.

5.   Shareholders have been concerned that the company would do the swap below the market price, diluting their holdings even further.

6.   Shareholders also stand to see their holdings diluted when the debt is converted to company shares.

7.   Shares of companies on acquisition binges like this often fall, as investors worry that their holdings will be diluted as new shares are issued.

8.   Selling more stock could potentially dilute existing holdings, he said.

9.   The analyst predicted the shares would rise in spite of the fact that investors will see their holdings diluted.

10.   The issue of new shares at a discount to the market price means existing shareholders in Mazda will see their holdings diluted.