I forget exactly what was said on the phone today, but I'm a very mathematical type of chap and what I heard at the time did make sense. I couldn't comment on capital dilution, but I do know that the plane has only flown in the region of 50hrs/yr in the last couple of years.
Jumping in with both feet is something that I certainly won't be doing. They might well get bored of me taking my time to fact-find and weigh things up, but if they don't and everything looks peachy, hopefully I'll be a happy chap!
The other option open is to buy something outright, base it at Leeds/Bradford (10 mins from home). Going from the amount of people seeking shares in aircraft there (despite the frankly obscene hangerage fees and hence potentially ludicrous fixed costs) I think I'd have little difficulty putting a group together, be it capital or non-capital.