This is not truly a dilution situation in the sense that the money raised will be used for two things. One it retires debt and two it will be used for investment that will increase return. Both of these are advantageous to those of us who already hold the stock and as long as the investments are good (and ACAS has an excellent history in this regard) it will eventually lead to a ROI in both share value and dividend.
I'm glad I was liquid today. The knee-jerk reaction to ACAS dilution continues. The question is what are they going to do with the money? Will the return on the new money be higher than the dilution rate? The answer is yes! Mgt issues more shares because they have such strong demand for the money they control and see the opportunity to further increase company value and dividends.