Ann: SPP Offer Booklet, page-30

I agree with your sentiment with regard to dilution - nobody likes it. He has in the past been able to outgrow any capital raises but he has kept them relatively small. I am with you on paying down his debt if he keeps any surplus. However I doubt whether he will accept any new capital beyond which he can gainfully employ at current ROE and EPS. I think he is too smart to take on more than he can utilise profitably and I would trust him to look after shareholders when he and Fiona Brown are the largest holders by far and he is reliant on dividends for his income.