RE:Less than 3% dilution => more than 25% decay of share price!Gerrit As you suggest, the "vote with the feet" hasn't got anything to do with the latest dilution, but it is based on the fact that some people have finally concluded that the writing is on the wall and they better get out while they can. There have been plenty of posts on this forum discussing the problems with EFL and pointing out the weaknesses in their business. I, and several others, have dug deep into their financial results and have concluded that the expression "where's the beef?" is highly appropriate. Year after year there are grand forward-looking schemes delineated in their MD&A documents and their investor presentations, but precious little in terms of a commercially successful business. About 40 years ago I was taught that it is cash flow that cripples and bankrupts businesses. Therefore, I always find it instructive to keep an eye on the cash situation at any company and, as many here have said, it is not a pretty picture. This latest equity raise looks to me remarkably like the actions of a desperate company. Of course, as always, I could be wrong, but I see no clear cut evidence that suggests significant future revenue, significant future profitability or adequate cash generation to fund their continuing operations..............and certainly none to acquire large factories overseas. I'm not ready to say "I told you so" yet, because Dr. Gupta is a clever bird and has previously found ways to keep spinning the story, but I'm getting damn close.