reacher, let’s move on friendly as this particular discussion is not very important in the broader sense 
My calculation is only hypothetical as indicated. Also, I said “3 years or so” and did not say “exactly 3 years” – I did not want to do number crunching, make assumptions and find out how many years it will take to reach original RoE etc as this will not lead anywhere nor this is something very important as dilution is NOT happening.
I’m happy to bow my head and move on dear friend. But if it were a significant business changing thing, we would have been happy to discuss this thread bare left and right as per usual VP norms 
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