IMX receives a significant injection of cash and we smoothly manage the exit of a major shareholder from our register and introduce new investors through a placement, without any dilutionary
impact on our existing shareholders.
The contraction in the EBITDA margin is a direct result of the dilutionary
impact of consolidating Espreon for a full twelve months in FY10 compared with just over four months in FY09.
The main difficulty for a company is balancing the dilutionary
effect on existing shareholders of raising funds at what will inevitably be a lower price due to falling markets.
Much of that fall was due to the dilutionary
effect of the recent Lindberg acquisition in the US.
For instance, Davidson (1992, 46-7) argues: "As the political history of the southern states in the present era makes clear, whites have been quick to use the entire panoply of dilutionary
measures to maintain their advantage in officeholding.
Until 1987, the required test of retrogression -- whether a change in electoral laws or structures has a dilutionary
effect -- and proof of intentional discrimination were difficult and in many cases impossible to prove.
After the dilutionary
impact of assumed future capital raising to fund ATC's development costs up to the week 24 milestone, the Independent Expert assessed the control value of Avexa shares in the range of 21 cents to 41 cents.
The Company has not filed a 504 financing and there are no immediate plans of filing such dilutionary
5% interest in the project "at this time of very weak market conditions and limited availability of capital," it had avoided the dilutionary
equity of capital raising which would likely be necessary to fund the development of the Sandpiper Project.
We elected not to utilize the PIPE registration that became effective in September 2006 because it was too dilutionary
to shareholders and did not provide us with enough operating capital at one time to pursue exploration and development of our properties.
As a result of this estimation process, all uneconomic material within the pillar is dilutionary
If Lakota earns its 60% interest, a 60:40 joint venture will be formed to further the development of the project subject to the usual dilutionary
clauses with Lakota retaining operatorship.