Ann: Non-Renounceable Entitlement Offer , page-18

I'm not that interested. Diluting nothing by 20% leaves you no worse off. I'm only holding because I don't have enough in this to make it worth selling at the current price.

But if I were concerned about the 20% dilution, I would be buying that extra 20% now. Why would I pay 3 cents when I can pick them up on the market for less?

It's under-written by the directors, so let them pony up the new money at a premium price on the off-chance that this thing will come good.

This is not to say what you /should/ do, only what I /would/ do.