done over again 52 cents, page-66

IMPACT ANALYSIS

Market Cap Pre-TH = 279m (477m shares at 58.5 cps)
Add 62 million shares at 52 cps = $32m cash

Implied market cap post-TH
539m shares worth $279m (old market cap) + $32m (new cash) = $311m

Logical share price post-TH = $311m / 539 = 57.8 cps

ie If we were previously worth 58.5 cents per share, post TH, the equivalent value is 57.8 cps

ie A loss of .007 cents per share or 1.3%

If the pre-TH price was higher (say 80 cents) then the above logic suggests a loss in value of 3.2 cps or a 4% loss in the value per share due to the cap raising.

Taking it further, if we were at $4 per share pre TH then the above logic woudl result in a 10% loss in value per share for existing holders

Of course the reverse also applies. If the real value per share was 40 cents, then we achieve a gain in value of 1.4 cps or 3.5% than we would otherwise be without the cap raising.

No idea if that helps put things in perspective but seems to me is a logical real way to think about the impact rather than having an emotional principle based reaction.

As the company is clearly very clsoe to a major event that will dramatically affect market cap, only time will tell if this is a good or a bad move for MEO holders. Persoanly I am somewhat neutral about it - despite all the optimism and very strong desire for Artemis success, it is not guaranteed.

One could say this is an insurance policy of sorts that may serve MEO well in the event of Artemis failure. Provided the new shareholders (with 11.5% of shares issued) hold and do not bail out, we may in theory also see greater SP stability, greater concentration of shareholder ownership and less opportunity for manipulation.