Ann: Acquisition of Enoro and $50m equity raising, page-31

What Jaygatsby is saying is correct, The way the CR is done is not fair. If you own a small parcel you are loving it if you own a large parcel you are getting screwed. NVL & GSW just raised money from insto's & offered NONE to Retail holders. In cases like these it is important to ask the question, I always ask for a please explain from management and I think other Retail holders should do the same. If I think a company intends to raise capital the same way next time I am out of there. Everyone is competing for the same returns and Alpha and you can't compete when a stock you own is continually offered to others at a discount.