You are both right but both taking different tangents.
The number of shares issued affects the EPS. If you issue more shares, the money raised needs to be used to garner more profits in order to maintain or raise the EPS over the larger number of shares.
Thus it is imperative that every cent raised be used wisely so that those who are diluted by the new number of shares can maintain the profitability they had before.
Which then brings to question the money raised. $45 million. $37 million to buy B-d Paris Creek which has a current profit of under $2 million.
The other $8million is for working capital!! As in, "the capital from the previous raising and the previous years profits has been burnt through so we need some more to keep the comfy wages going in head office".
If it is true that key directors are involved with Tasfoods as well as LON, you can see why there has been no merger. Tasfoods is making losses and no institutions would be likely to get on board if it were part of LON.
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