MASSSSIVE dilution!" In addition, PanAust will announce the...

MASSSSIVE dilution!

"
In addition, PanAust will announce the entry overnight into an agreement with a cornerstone investor who will acquire a 19.9% interest in PanAust (subject to certain conditions precedent).

"

and

"
PanAust intends to undertake a material capital raising by way of an accelerated non‐renounceable entitlements offer of shares (on a 2 for 9 basis), in conjunction with a placement of 100 million shares to sophisticated and institutional shareholders.

"

so my calculation are based 1.8b shares registry

2/9 = 400 million new shares
100 million for institutions
20 per cent goes to a new investor of the new amount 2.3m/5 = 460m

460m + 400m + 100m

Share registry goes from 1.8b to 2.76b shares. They are diluting each share by roughly 50%!!!!!!!!!!!!

My figures aren't 100% exact but they are not very far off are they?

If I've made a mistake in my interpretation someone please correct me!