Yes, the adverse percentage dilutionary effect on existing...

Yes, the adverse percentage dilutionary effect on existing shareholders is of course the same for any share price below $2.56 however the effect of the gap between HFM's entry price and the current $0.53 is that:
a) existing shareholders can very cheaply undo the 3% or so dilution if they so wish by topping up at what many will regard as a bargain $0.53
b) there will doubtless be a widespread pleasure in seeing the payment mechanism working to devalue the iniquitous performance fee from $18m to a potential $4m. Thank heavens they didn't rip out cash like some of the other snouts at the trough.
c) HFM will be highly motivated to get the share price back up, especially if they were expecting value of $18m.
d) there's very little chance of any more performance fees as the shortfall has to be made up.


I expect the insto which bought a large chunk at $1.71 last week will be letting Hastings know its views on the shambolic handling of the so-called Strategy Initiative. Like everyone else (& hopefully ASX/ASIC, I shall be fascinated to see who got out).
As for the future, 12c distribution on a 53c share looks good to me.