"How on earth was WNI going to acquire BRM if it didn't offer...

"How on earth was WNI going to acquire BRM if it didn't offer cash, and it didn't offer shares?"

If you have the asset base, the business plan and the future returns you borrow the cash or issue bonds... you don't just "print it", which in effect is what big scrip based cap raisings are.

Dilution reduces leverage .. and leverage is what gives you great gains on a stock.

Issuing shares for cash simply increases the number of shares that require distribution. Imagine the dilution that FMG would have experienced if it had issued stock instead of borrowed cash? The SP would be 60c not $6+.

If you continue to issue scrip, it demonstrates to me that you are unable to borrow cash and secure it against your asset base.