I was hoping that Bradken wouldn't do the capital raising...

I was hoping that Bradken wouldn't do the capital raising dilution at this point. Today's article in the SMH had this to say:

"The capital expenditure had been foreshadowed in an investor update last week, but analysts were surprised by the company's decision to fund it through a dilutionary equity raising, given its low gearing and its ability to fund spending through operating cash flow or its dividend reinvestment plan."

Read more: http://www.smh.com.au/business/bradken-162m-raising-to-fund-china-foundry-and-rail-expansion-20110531-1feox.html#ixzz1Nz9r6nHk