Ann: Share Purchase Plan, page-11

share capital structure is one of the most imp point in any publicly listed company. It may not affect company management ( salary and wages) but it does make a lot of difference to small investors. Too many issued shares may not be very good to a company heavily involved in exploration.

ARE could have raised capital later when share price were a bit healthy. At this stage, SP are at rock bottom.

Any bad news on exploration would lead further erosion. In my view, ARE have far more commitments that it can afford. So, ARE has no choice but to undertake another capital raising in another shape and form.

Make a note of it!