Comment by tgma

I don't interpret that paragraph as non-dilutive. It's to say that the parent is just a regular shareholder currently holding the majority and then weasels away with "more resources as valuation growth" which is true in absolute mark-to-market sense, not relative ownership, but I don't think they have free cash to pony up and exercise any first right of refusal even if they have something like that on a pro-forma basis, so unless the non-profit board is adamant on voting against all capital raises and stock-based acquisitions and employee stock (they won't), their ownership share will be diluted.