Joewolf, I see where you’re coming from but I don’t completely...

Joewolf, I see where you’re coming from but I don’t completely share your concerns.

I don’t have a problem with the issue of shares to Chris Corrigan. It seems to me he’s bought the shares at a fairly standard-sized discount to the WBA share price in recent times.

And existing shareholders are entitled to purchase new shares at exactly the same discount.

Now I take your point that we aren’t able to take up as many new shares as he has, but I’m content enough with the 1:4 offering.

I’m pleased to have him come on board and put in a chunk of capital to fund the expansion of the company. And I’m glad he’s taking up his rights entitlement.

The bigger issue for me is: ‘what is the money going to be used for’ – not ‘where has the money come from’.

As for him getting the dividend after holding his new shares for just 4 weeks, in theory anybody could have bought WBA shares on the market a few weeks ago and been entitled to the dividend. All other things being equal, share prices tend to adjust for upcoming dividends, and drop as soon as the dividend entitlement date passes.