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i believe you've missed the point. it is a small amount and 12.5 is where the buy is at the moment anyway. not sure why he had to do this but clearly it was necesarry and only a small amount which means he knows he has overseas funds coming. remember bowlerau that he can't use existing shareholders without a prospectus which would cost a fortune. getting any money for specky stocks with falling sp's in this market is pretty good. also i would prefer a little dilution and ensure fwl has the funds to keep going in this crap market. falling sp's across the board is making us all very jumpy. we need to step back and look at the future 'cause the present is crap whatever way you look at it. bret is a major shareholder and he gets diluted too so he must have his reasons.