management

I have been doing some research on this stock over the past few days - I am really concerned at management's dillution and simply creating more shares, why? From 1.1b to 3.1b in 12 months. Obviously made an aquisition and funding working capital but at the end of the day EPS matters. Furthermore the company has 9m in the bank as at Dec 2010, sure has a dabt facility to draw on - but raises another concern, namely if they need to tap the market again.

If I touch a nerve of loyal investors, I'm not questioning the assets - Im questioning the management! Please refer to Note 19 from the interim report for details.





Note 19: Issued capital
31 December 2010: 3,097,640,409 (31 December 2009:1,106,075,932)
(a)
Movement 2010
No.
$
Balance at 1 July
1,376,191,741
100,829,337
Issue of ordinary shares during the half-year:
Placements
875,950,000
52,460,800
Share Purchase Plan
290,909,090
16,000,000
Exercise options
294,056
14,703
Conversion of debt
143,310,349
8,038,944
Conversion of debt facility
132,000,000
6,628,000
Conversion of convertible note
60,000,000
3,644,406
Consultants fees
66,771,377
4,206,348
In lieu of introduction & capital raising fees
92,213,796
5,901,682
Facilitation Fees for coal project funding
60,000,000
3,500,000
Share issue costs
(5,865,694)
Balance at the end of the half-year
3,097,640,409
195,358,526