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Dilution would not come true if they are able to maintain 20% growth in current earning per share based on 1 to 5 conversion, no worry lah . Simple math - EPS is RM1 , If YTLP can do RM1.25 EPS in 3 years time or more , then all these concerns are false alarm , if they can’t really grow to 1.25 3 years from now , even without warrant , you should forget about this share