Ann: Acquisition of Enoro and $50m equity raising, page-18

The company has increased EPS almost 7 fold in the last 10 years, and dividends over 7 fold.
I doubt very much whether the company would have been able to do that without issuing new share capital and making value accretive acquisitions. Furthermore, i doubt whether they would have been able to raise the capital solely through "fair" Renounceable Rights Issues.

So, even if a 2007 share buyer allowed themselves to be diluted over multiple capital raisings, they would still pretty damn well off. If they had participated in all SPP's, they'd be even better off.
Giving up ownership for cash is OK with me if that cash is used to create value for all holders. If i get a chance to participate and maintain my % ownership, all the better. If i don't, there are always plenty of opportunities to buy the dips.

	{caption}Company Historicals{/caption}
1	Per Share Statistics	2007/06	2008/06	2009/06	2010/06	2011/06	2012/06	2013/06	2014/06	2015/06	2016/06
2
3	Earnings (cents)	2.1	4.3	5.3	7.2	8.6	8.1	5.6	9.0	10.0	14.4
4	Dividends (cents)	0.9	5.0	5.0	5.0	6.0	6.0	6.0	6.0	6.0	7.0