Captital Raising, page-59

And not in any long-term investors book for that matter MarsC

RoseJay the only way you'll be diluted is if you make a poor decision, it's not about throwing stones, if you are going to suggest that HVN is making a bad decision on behalf of shareholders your facts should match your claim.

HVN made a decision that looks after the interests of shareholders, I'm following logic and not only maintaining but applying for a few extra shares because there's always some people and some overseas holders who aren't willing/ able to participate.
I'd suggest you read some Buffett and Munger about the difference between price and value.
Many companies on the ASX are doing holders a disservice by letting franking credits build up with no mechanism to return the value to shareholders over time, luckily there are some companies where the management team own soooooo much of the company that they have shareholder friendly policies because they receive more benefit as a shareholder than they do working for the company.
Kind of like Gerry who gets paid about a third of what most people in his position would be paid, that works for him as overpaying himself and working his ass off would actually lose him more value than it would make him.
The business is being set up quite nicely so that there is likely never going to be a need to worry about franking credits in future with a growing amount of the earnings coming from overseas.
So even if franking credit policy doesn't ever change that will be a risk removed from shareholders, the only reason HVN got into this position is that they have retained earnings year after year and grown the company consistently with those retained earnings.
Absolutely fantastic stewards of capital over time!
Quite astounding how badly Gerry cops flak when a small investment goes wrong when you look at what he has done over the last 30 years!

Ps: to wrap up RoseJay a win for HVN is a win for you as long as you don't handball it to the wrong team