You're right. Dilution is never good for existing shareholders. But it's an integral part of this game we all are playing here. Full-stop. And we need money, and lots of it. And not in 12 months but over the next quarter. And market conditions are not very favourable and they won't be for quite some time. And you don't want to do a last minute deal on your PP, because institutions know that you desperately need the money then. Result will be poorer conditions. And regarding your "company value" argument. I'm sure, you know full well, that the PP price never reflects the full estimated (true) value of a company, i.e. 25% PP = 4x PP price x shares = company value. If that would be the case, nobody would participate in a PP. Because you wouldn't be able to make any money, would you. Because the PP price would already reflect the full value, according to your logic. Not true ! FANTOMAS