Nothing was purchased with the raised money .. we all know this and its not a point of contention. What I'm trying to say is at the time of the CR we had nothing in the bank for acquisitions hence the CR. I'm also rather confident that none of the holders would have converted if the share price was still $1.50 or $2 and hence zero dilution would have happened.
As I said its just bad timing no one would have thought coal would be heading to 400 a tonne and what unfolded since. I'm sure RM is just as unhappy with the dilution of his shares as you are.
NHC Price at posting:
$5.89 Sentiment: Hold Disclosure: Held
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