Ann: PBH Announces A$400m Capital Raising, page-68

I think they must also take into consideration all options in their calcs if that makes sense. we may see it as 10% dilution against actual shares on the market but if other options are executed could calculate to be less dilution hence less of a reduction in our exercise price. but yer would have liked to see a lower one. we should be able to rebound in the next few months anyway. I didn't read there balances sheet as needing more cash just yet so they must be up to something. maybe trying to take out New York.