...and the winner is...

a bit of fall out from the rights issue over at steptoe's place coming up i hope. DCM took up 50 million out of 65 million shares on issue because you steptoe-huggers didn't want to chip in any more $$$. so what does that mean.

if steptoe took up all crawley's rights they go from majority holder at 16% to 17.5%. DCM go from a lowly 14.7% to approx 43%. so now that DCM has a massive majority shareholding how will this affect the company ? will steptoe and son still show-boat around the place, will they even keep all their board seats. i reckon DCM will put a few more directors in and lower the bar tab limit at the Subiaco Hotel.

any shareholders that didn't take up their rights now own half as much of nothing than they held before the issue. dilution is a cruel game, especially for a company with no assets, no income, a cast of 1000's management team, and minority shareholdings in some pretty horrible looking explorers.