Dilution so far (from pre new cap raising) has been about 17%....

Dilution so far (from pre new cap raising) has been about 17%. Actually, that's not too bad considering that if capital had not been raised it would have been 100%, though the dilution will get worse as time goes by.

MOD now down to less than 10%, partly through dilution & partly through sales. Still a significant holding though. Even if he continues to sell hard, he won't have such a big impact now. Perhaps as Moosey suggested, he will stop having sold more than half of his shareholding.

There's been a massive redistribution to small investors, so a takeover by a corporation soaking up shares now seems most unlikely without a fairly good open bid on the sp. Doyle, GEM et al are making their money as they go and risking very little (nothing!). With financing in place now, I think MST has gone from very high risk to moderate risk. Buying in at current sp should be a reasonable spec buy for new shareholders and also old holders if they want to average down.

Whilst downward pressure from GEM will always be there, good news can still spike up the sp. In fact, seeing GEM are lending/reselling a lot of their shares as they get them and working on a margin and not trying to build up a controlling interest, it may not be a problem for them if the sp does go up - they will still make their margin of 10% fairly quickly - good news will stimulate more buyers which will be good for GEM sales.

... So Dr Finnear, let's have some good news soon.