Reasons for capital raising to Fund Project Development, page-12

Can only assume they are compliant with continuous disclosure obligations.

Dilution can only hit if you don't partake in the SPP or buy on market at 2.2 to counter it. Dilution will only hit of people partake in the SPP. If people partake in the SPP then NTL will have funds to expand its current plans, leading to hopefully a bigger company.

If nobody partakes then there's no dilution and we all carry on our merry way along the same plan as before.

At the moment I will probably take up my SPP entitlement. I'll be watching closely for the company to give me reasons to partake. Ball is in their court!