will it be worth partipating

With the cap raising being so dilutive it is gonna kill any future earnings of this stock which are already pretty bad atm.

This stock was earning around 10c per share during the boom times assuming where now going to have a 4 to 1 dilution even at best well see around 1c as we have sold many properties since then we also have these unrented mervyns storess kicking around.

I can't see the stock with an NTA of 10 - 12c holding a stock price of 6.7c with limited earning potential. still relitively highly geared with falling asset values. My take on this will be to rather then partipate in the cap raising hold of. wait till the shares float and when they do buy when the SP falls and hopefully as GFC fades away we see some improved asset values and some sort of increase in earning might get 10c for the stock so i can sell out.

Whats everyone else theory on this ?