Heraclitus I should have corrected your post of 11 September...

Heraclitus

I should have corrected your post of 11 September earlier. In it you claimed again that a 30% dilution had been caused by the recent $1 million placement to the US financial institution.

This is gross exaggeration of the extent of the dilution. The figures are as follows:

Before the placement, there were 822.747 million shares and 63.5 million options on issue. Now there are an extra 71.5 million shares and 56.5 million options on issue.

This means a 12.62% dilution on a fully diluted basis - a far cry from 30%.

Yes, it is true that if the second and third option tranches are approved by shareholders at the AGM, this dilution will rise to 22%.

But seriously, what informed shareholder would vote in favor? The directors will have to recommend the resolutions and vote for them for legal and ethical reasons, but their shares only comprise a little over 5% of the shares eligible to vote.

I cannot imagine any other major shareholder or any reader of this forum voting in favor of diluting their shareholding further in order to sweeten the deal for the US institution, can you?

No, they managed get a sweet enough deal as it is, given the situation Invion was in at the time.