re: Ann: Non-Renounceable Pro-Rata Rights Iss... Pmcain,
Dilution destroys the wealth of existing shareholders.... to the extent it enrichs the new parties.
Had sales started straight away there would be no need for any raising whatsoever. The delay is benefitting some parties at the expense of existing shareholders.
Blastoff
Ann: Non-Renounceable Pro-Rata Rights Issue - Rev, page-8
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