something doesn't stack up, page-47

Personally I agree their will be some weakness post rights issue. But its important to remember the lions share is going to the Russians. They will not sell. They arent interested in 10-20% gain. They are medium termers. Their history is adding value then selling 100% of company. Not just selling few shares on market.

Out of the $16mil raised, less than $9mil will be to existing holders. Some will fall through to Waterford from ineligible foreign holders or people who cant be bothered.

Others have already sold 1/3rd holding and will keep the rights shares.

The majority will probably keep existing and add to them. Its only 1:3, most can absorb that many.

Their will be sellers, but not a huge amount. Im sure their will be buyers.

However their will be willing sellers as the shares rise. Many will sell into the J51 spud hype. So the sp might not go down too much post rights, but it will also find it difficult to run short term.