mcbutler, page-13

SBM has just raised $120m to fund:
a) plant expansion ie. increase in production; &
b) fund exploration (known targets) which will expand resource base.

Dilution of shares point - well Micky here's a simple arithmetic test for you? Can you manage it.

No of shares before fund raising = 994m
Increase in shares for fund rasing = 160m
Total no. of shares = 1150m
Theoretical dilution in market cap (assuming no benefit of the $120m raised nor accounting for this as cash) = [Micky to fill in the gap]

What is SBM guilty of - their naivety in dealing with instos.

Where's Vendor now to support you with a technical slant. I'm getting myself set for a tag team effort here.