tnt shares, page-20

No it is not dilution, MAK will have just as many shares on issue as it does now, but will have less assets.

What it is, is moving some assets into a different vehicle. So in stead of having MAK, you will have MAK + TNT. TNT will then go on to raise funds to develop the assets in their portfolio.

In a perfect world we will see a drop in the SP of MAK on 8th July that reelects the ex entitlement to TNT shares.

As an example:

If you had a MAK share on 7th July at SP of 46 cents, you will wake up Thursday morning with a MAK share with a SP of 42 cents and 1/5 of a TNT share SP 20 cents. The total price (value?) of the shares will be the same 42 + (1/5 of 20) = 46

* We will see what the reality is on the 8th July, we don't always live in a perfect, efficient world.
* You won't be able to trade your shares (on market) in TNT until it lists.