Ann: Finance Update October 2015, page-2

Brilliant - another 583 million shares of dilution.

To put this into context, in 2011, GUF only had 418m shares outstanding.

In their latest Annual Report, it says that there were 1.095 billion ordinary shares (without the potential dilution from convertibles).

This placement will take ord. shares outstanding to over 1.5 billion shares. So from 2011, even if the underlying assets had;t changed in value, shareholders would have been down 75% just on dilution alone.

Maybe board and executive fees should be linked to share issuance - and be cut by 75%???