NEOTECH is a technology company, funded entirely by equity. Each of the 23 million NEOTECH shares is worth 11 .

The CEO of NEOTECH is convinced that the true value of the company is 346 million euros. The CEO estimates that within a year the market value of NEOTECH will equal its true value, the information having been credibly transmitted to the market.

In the meantime, NEOTECH needs 44 million euros to finance a new laboratory.

NEOTECH decides to finance by issuing shares. What will be the loss per share (relative to the real share price) for long-term (old) shareholders due to this premature financing?