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.