Ann: Landmark Deal On Costs - Mining Back On, page-62

I think I see the issue here...

Simple example, company has 10 shares (and shareholders) valued on market at $1 each (which also happens to be cost). Business as usual, no changes to outlook etc, they issue another 100 shares to shareholders at 50c, adding $50 (ignore costs) to the balance sheet. Upon issue, and before the first trade of the day, the market cap is $60 or 54.5c per share, but before the first trade they have invested $6 each for 11 shares each, valued at 54.5c each.

I think what your saying is that with a cash injection of $180M the market cap will not move from $110M. Theoretically possible (especially if there is no furture value), but assuming nothing changes from today (exchange, IOP, sentiment etc) I would say highly unlikely. Before the first trade of the day (and ignoring costs), I would expect market cap to be $290M...i.e the average of shares on issue at final closing and the take up. WHither it goes from there, well I see two distinct arguments!