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With regards to dilution,I guess you can look at it two ways.Yes,it dilutes current holders,but with the amount of shares that will be on the register(if all are taken up)will be around 880,000 million, but would people be prepared to invest considering what the company has achieved?I guess time will tell.Plenty of bios have the same or more shares than PAB will have,so I dont see the problem in the longterm.Cap Raisings,Rights Issues are hard to get right sometimes,but atleast they gave shareholders the first chance to participate.People always whinge about Sophisticated Investors getting the first look in,so you cant keep everybody happy.I guess they done a 1 for 2 because they needed the cash.AHZ done a 1 for 5 and it went well,but they are at a different stage.A lot of stocks sp hover around the cr/ri price(or go lower),so why would PAB be any different.I own NEU shares and the current sp is lower than the last raising.