Bullzeye, page-44

Edit. Tangey beat me to it.

Those BE shareholders who participated in the two recent cap raises in November and March have obviously not seen their positions "diluted". Those that did not, will. Every cap raise that is not 100% subscribed will see Emerald increase their % stake in BE but I wouldn't think there won't be a huge number of cap raises. Once it's producing gold bars, why would it need external cash? The idea that Emerald will somehow reach a 75% stake in BE through these cap raises is probably wishful thinking, although it's likely it will rise fractionally with each one.

it should be viewed as positive that so many of the other shareholders are participating in these cap raises as it shows there is belief of strong potential in BE. Those that remain BE shareholders clearly believe there is more value in BE than was being offered by Emerald back in 2021 or they'd have taken the offer. What's also likely is that many of those who did sell to EMR were long-time shareholders who had bought in at a much lower share price (than the 31/32c value) and were achieving a decent return - better than many who perhaps were newer investors and didn't think much of the offer.

Regardless, all the news lately is positive. Hopefully the legal mess between Xinghe and the BE board will be resolved this year.