Ann: Appendix 3B, page-3

I wouldn't expect any price action. # of shares involved is ~0.22% of issued, and with ASL's strong price rise conversion would have been anticipated for a while. But then, the market is capable of being hugely irrational.

Does dilution always lower share price? Not always. The general way to assess is to work out what the company gets from the dilution, and then apportion it according to the amount of dilution. So for example a 1-for-4 rights issue at a 10% discount would drop the share price by about 2% = 1-(4*100%+1*90%)/(4+1).