announcement out , page-53

Pro active investors article states

" 30% equity component of such project finance could include a rights issue for all shareholders to participate in, including NMDC "

30% of 1.3 bil = $400 mil

Shares on issue (after Nmdc enter) = approx 600 mil.


For each shareholder to avoid dilution, 66 cents per share must be contributed.

So if you hold 100 000 shares, then you would have to contribute $66 000 which is plainly ridiculous.

Although each shareholder will be given a chance to participate in the rights issue, overall, each holder will suffer dilution because the money needed to be raised cannot be achieved by all exising shareholders. There will have to be a large placement to ?????