NAGs SP Mk2, page-103

Good question Fish'.

It all comes down to how much value is added to the Company when a fund raising takes place. If none is added - its bad.

If it adds more to value (as %) then the dilution of ownership (as a %age), then its a good thing & SP should go up (& visa versa)

A smaller piece of a bigger pie can be a good thing - it depends how much bigger the pie is?

Personally I don't mind cap raising & dilution in the NAGs context, because I see it as fast tracking NAGs to future profits which to me is the priority. That is - creating a much bigger pie is much more important to me then the %age of the pie that I own.