jerk reaction, page-28

Be miserable about it, then.

I didn't arrange the capital issue and I held quite a bucketful of the shares at the time (and still hold them).

I just take a different view. Having seen value leach out of EME for 4 years, I am just delighted that the partial switch that I did last summer into ADI is actually producing value. If ADI felt that it needed capital in a hurry, then I assume that we will learn what they ahve in mind relatively soon. It has been the norm for the JVPs to have to put up money in advance of operations.

As to discounts etc, you could buy to counter the dilution at a 10% premium. If you do so, the effect on your holding will be 10% of 15% = 1.5%, which seems a small price to pay for ensuring that ADI can participate in whatever they have planned for H2 2010. That is the cost over and above the cost of taking up rights.

You've been trading between the JVPs and may well have neutralised the dilution anyway. The faster that they develop this acreage the quicker the re-rating of the share. Your biggest exposure, and mine, will be deciding on the exit price when we get there.