Ann: Entitlements Issue Prospectus, page-9

Hardly rewarding loyalty when you can acquire today and get allocated options on those shares...

Anyway, with 80m new shares, you're looking at dilution from 46cents down to the 30-35cent mark.

That said, the return on the options will more than make up for it. But you have to buy the max amount you can get in order to still be in a good position if you're accumulating > 40 cents. Like me, having purchased at 48 (1.6 pre-con), 30.5 and 49.5...