I doesn't make any sense with your dilusion theory. If that was the case then ORI could have cancelled the Divy and do secondary to finanace the aquistion. IMHO this move is very healthy for ORIConversion half with the present pric would be can rationalized but converting latter with higher price would silly.
I missed one point that you might think about again. what if ORI use some fund to bay back its common and then convert at higher pps. That what most of the companies do. If the ORI goe secondary then that may dilute the shares otherwise why would they issue bond instead?
How? What is your anlysis for effecting Commons? If ORO continues divy and raises divy then the stock will become more attractive to the investors that is my opinion. How would it dilute Shares? Arn't ORI using funds for leverage buyout that will generate higher revenue?