spud date, page-33

Crikey talk about confusing the issue.

Simple example

Market Cap $100 with 2 shares therefore SP =$50

One Performance Share for Director issued for getting the Market Cap to $100

Therefore MC $100 with 3 shares now. SP $33.33

SP goes down with dilution MC stays same.

Of course in QPNs case the dilution will be much less severe and most people here wont give a toss because many will be on permanent holiday if a few of these bonuses start being issued.