Few things there, @Deznuts. Firstly, there is a difference...

Few things there, @Deznuts. Firstly, there is a difference between a capital raising vs a merger vs prepayment from offtake, but you're still talking about a capital raising in your second point.

The only distinction between the two scenarios is whether or not the share price drops and whether or not you get the right to take part in your increasing your holdings.

I also think its an incredibly short term view to be against a capital raising at a discount just because it means the share price drops for a few weeks. But we all have different investment horizons, so each to their own.

Firstly, there's no guarantee that scenario two pushes the price up. I've seen many companies manage to raise money at a premium price and it not move the share price positively. It's a great sign from management in their abilities, but it doesn't guarantee share price increase.

Second is you're still getting diluted by that activity. Even if they raise at a premium, your ownership falls.

Now you clearly don't want to participate in a capital raising, which is fine, but I do. And the point is that we should be given the choice. In the last two raisings, LPD has made the rights renounceable and you could sell them if you didn't want them.

Then you're getting a little more money for your piggy bank, in exchange for not taking part in the raising.

Doesn't that sound more fair than letting big investors come along and buy up the company you own part of?