Ann: Notice of General Meeting/Proxy Form , page-2

I appreciate that most people posting on this board are bullish about Helicon, big fans of Pannuti's and so forth. So I want to ask how these series of facts reconcile to paint a bullish outcome:

Downside

* Since Pannuti was appointed MD on the 11 April the share price has gone from 3.3c to 2.0c - with little buy side support.
* Shares on issue have gone from (approx) 496,000,000 to 946,000,000 - apprximately a 1:1 dilution. Note: This notice alone represents the issue of about 450,000,000m shares.
* During all this dilution retail shareholders have had to take it lying down, because most of it has either been wholesale, to fund acquisitions or to PAY FEES !! So, where's the long-term shareholder getting looked after in all of this?
* Even after allowing for a $5m capital raising it's likely they'll have to come back for more, so more dilution is on the cards..?
* Some of the technologies are as yet unproven.
* There are question marks around timing of delivering commercial returns over soem of the technologies

Upside

* There's a collection interesting technologies being assembled, some proven some unproven.
* Management appears to have good wraps and a good history, so a good team has been assembled
* IF the technologies pan out there is significant upside
* Some of the technology may come to market sooner rather than later to start generating cash.

In summary my concern is that although the outlook may be positive a lot of potential upside is being diluted away for long-term holders and the upside seems quite a long way off.

Is it a simple case of better off having a small slice of a big pie than no pie at all?