Lifesaver capital raising, page-35

Generally speaking, with a larger amount of shares, volatility decreases due increased liquidity.

Notwithstanding that, my point was regarding a second phenomena; being future price targets for CAJ. The main factor in SP is EPS, which is a function of the total issued shares. Therefore, for a given earnings amount, a larger share issue means a lower SP. This effectively lowers future SP targets.

It affects holders especially who've held through multiple dilutions. Eg hypothetically someone buys CAJ at 20c two years a go, then there's multiple dilutions, then due to earnings increases the SP rises to 30c. Without the dilutions, the SP would be somewhere above 30c, bringing higher gains to investors.

Whatever future SP targets one has in mind for CAJ, it is affected largely by EPS.

Check out KGN or GSM, you won't see those moves in stocks with a bloated no. of shares. Both have a low no. of shares.