why is it so?, page-19

I checked out the last annual report to get an idea of how many holders there were last year .
There were 3,375 ,if I am reading it correctly .
I would expect this number to really blow out by a massive amount from people looking to get a bargain slice of MAK .
Just to give you some idea what that means ,if 3000 holders took up the offer that would raise $45 million .
If the number blows out to ,say 5000 then this could raise $75 m.
I wonder what will MAK do about that ?
I know that AD is very mindful of dilution .But then again ,some might argue in these uncertain times ,a bird in the hand is worth two in the bush .
Its a tough call .