From the corporate briefing of 3 weeks ago (19 Feb):"...the AEP...

From the corporate briefing of 3 weeks ago (19 Feb):
"...the AEP facility is our most expensive debt so we believe it's in our shareholders' interest to retire that debt if we can do so in a non-dilutive way."

I would have thought that most holders would consider any issue of shares to be "dilutive". Or are they talking about dilutive to eps, in which case they seem to consider it to be accretive - but only after taking into account the "bonus element of the entitlement offer"

"...the entitlement offer is approximately 7% accretive to underlying EPS and approximately 30% accretive to statutory EPS for the 12 months ended 31 Dec 2008, after adjusting for the bonus element of the entitlement offer"

That seems a rather complex calculation! Also, why the rush? Makes it very difficult for us overseas holders to complete paperwork and obtain AUD bank drafts in the required time.