11.   Investors feared thier shares would be diluted by the new stock issue.

12.   Menard said the owners would dilute their shares in the team by bringing new investors into the group.

13.   PTT may consider diluting its shares in various joint ventures by convincing existing shareholders to increase their stakes.

14.   However, Nauru has opposed this as this would dilute its share to less than five percent of the company.