Ann: Piedmont Raises A$159 Million, page-26

Not too sure you understand.

This company is developing an as yet undeveloped mining site. This needs money. Without more money, it will be hard to pay for stuff to develop the mine. This is bad.

It would be bad if the money was spent and it did not add to the development. But it would be joyously good if the money is spent on progressing the program. Because Ching Ching lots of moola at the end.

The only time dilution is a problem is where the reduction in earnings per share because of the additional shares is more than the additional earnings obtained as a result of the raising.

So don’t worry too much about dilution old boy.