I agree! I can see no reason why this is good for the rest of...

I agree! I can see no reason why this is good for the rest of the shareholders or necessary. BNU should be producing cash now and BA opening should be fully funded going by the announcements that were made in the last month. I have calculated a 30 or 60 VWAP but I would guess up around 3.7c so this dilution is around a 20% discount on that (let alone the discount on Fosters valuation). The only reasonable justification is that they desperately need the cash (unlikely) or it is being put to good use on something that will derive value for shareholders (such as more exploration). I look forward to hearing what they tell you when they ring back.