?mv karine bulker? expected wed 29th of june, page-44

When GXY's CR was announced it was at a discount to the
average SP over a set period. Just have a look at the ann.
That's dilution to the shareholders at that time.
Secondly, once more shares are issued without a corresponding forecast of improved EPS, thats potentially dilution of forward EPS.

When cash raised is to improve production then it usually follows that there is an increased EPS.GXY did not announce an increase to its forecast production.

If the 88 million shares approved for sale now are, again, sold at a discount to the SP at time of sale, then there is a dilution of the shareholders at the time of the sale, particuluarly those precluded from that sale.

Similarly there would be a 27.24% dilution of eps if the proceeds from this sale were not employed to increase EPS proportionately.

GXY did not announce any increase to its forecast production of 17K tons/pa as a result of the cap raise.

Conversely,now, could you now please explain to readers why you maintain that there was no dilution simply becase the $120 mil CR(raised at a discount to market SP) is held as cash within the company and that the increased number of shares will not dilute future EPS.I assume that you are serious and not just bickering.

We're all interested & I learn abit every day.

With best regards
Moorookamick