Ann: Results of AGM 2010 , page-5

Yowie,
perhaps you are not reading the part where MRE says their tax bill will be 58%. That looks like a very substantial impact to me.
This tax increase will cause a significant decrease in their earnings. Assuming that the company trades on the same pe multiple it represents a significant drop in the share price.
But it gets worse! With more earnings going on tax there is less for expansion and therefore less chance of growth. My bet is that the markets reaction will be to therefore factor in a lower pe multiple and therefore we will see a lower share price.
And so it will become harder to raise capital.

There aren't any winners with this new super tax.