Not a silly question. The dilution has already taken place.

IMO, the SP is being held back for two reasons (partly related).

1. Concerns over further dilution; and

2. Concerns over the production/cashflow delays at C-O (which exacerbates the dilution concerns).

An AVTM loan commitment of $1.6bn (70% of TP project cost) and visibilty on C-O production/pricing/cashflow would, IMO, lift the lid on the SP. True value will likely be revealed at (or shortly after) separation. 

Time will tell.