theory- another drawdown starting?, page-12

If the theory is correct, then yes, Duchess is offloading on the LSE.

The number of shares in issue is irrelevant, it's the market cap you need to be looking at. The dilution to raise at most 12 million pounds (since we've already raised 8 million out of the possible 20) is negligible dilution-wise (about 2.5% of the fully diluted share capital).

I for one will happily take a 2.5% dilution if we're getting increased Trinidad exposure, or Puntland offshore blocks, or something else that looks good. I've got faith the cash will be spent wisely.