In my opinion, this raising can only be strongly positive for...

In my opinion, this raising can only be strongly positive for the share price.

Clearly, both the company and the subscribers know this is as close to a one-way bet as it is possible to get, otherwise the subscribers would have said: "Why would you raise now, with all this news about to drop? Do you think I am stupid?" That they have not said that but on the contrary have rushed to oversubscribe the offering tells us a good deal.

I am now keenly awaiting the explanation of why the need for capital was so sudden and so urgent that it was necessary to raise it in this dilutionary fashion, transferring a whack of the upside from my pocket and yours into those of the favoured recipients.

Maybe there is a persuasive explanation and if so, all well and good. But I rather suspect this will end up being the traditional picking of the shareholders' pockets that is seen so often. This is not the first time MSB has cut the owners of the company out of a capital raising to benefit the favoured ones.

Yes, the price will go up, probably spectacularly so, and that will mute our outrage. But it shouldn't.