Anyone noticed the following sentence on p.9 of the annual...

Anyone noticed the following sentence on p.9 of the annual report released last week?

"The overall objective is to minimise any dilutive impacts on existing shareholders through equity placements at the listed company level, although a capital raising at the listed company level may be contemplated in 2015."

Obviously the company does no longer expect to generate enough cash inflow from its few existing operations to fund future projects soley through debt and equity partners for its subsidiaries as indicated before. Given WEC's track record of betraying shareholders (everyone remembers the luckily failed Cascade Coal deal and the management's attitude to shareholders that was revealed by the Operation Jasper investigation) we should also expect the capital raising to occur just before the BCB plant at Mountainside Coal Company delivers its first briquettes and so increases the company's enterprise value significantly so the dilutive effect for existing shareholders will be substantial.
Even worse, thanks to the great instrument of Share Purchase Plans, something unthinkable in many Western jurisdiction but fact in Australia, small investors and those living abroad could be excluded from such capital raising under some conditions (see https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg125a.pdf/$file/rg125a.pdf).
WEC has made use of Share Purchase Plans before, see:
http://www.asx.com.au/asxpdf/20090528/pdf/31ht4c1chnjpj4.pdf
http://www.asx.com.au/asxpdf/20090622/pdf/31j5wmk61wm11y.pdf
http://www.asx.com.au/asxpdf/20090630/pdf/31jbj1kz2vwyrw.pdf