correctthis would be a different animal altogether(and just...

correct

this would be a different animal altogether
(and just having another one taken away from me as well !)

so - do I want to invest in a Chinese/Aussie company with very changed risk metric?

All other aspects aside - as pointed out FML would have to double current output to "make up" dilution to current holders

Yes it most certainly will remove a huge obstacle: plenty of cash

But who is going to control how the cash will be spent ?

Is it going to be spent on increasing value for all holders with the ultimate goal of SP appreciation and poss. dividends (interesting US article on NCM thread)
or
will it be used to build a "larger empire" that will ultimately always be hungry for more cash ?

Yes: in theory if FML were to use scrip to pay for acquisitions it would dilute Shandong out of their 51% - but pretty sure they would ensure mechanisms to "make up" or prevent loosing a controlling stake ?


Plenty of time to get answers from all sides and to vote

Now directors hold a certain % - and there are some top holders - so be interesting to get input form there !