This is a moderately negative thing as far as I'm concerned. EBO have been good to smaller share holders over the years but this has burnt goodwill as far as I'm concerned. I've got 60k + shares so will look to start maybe taking some money off the table in case this is the start of a new pattern of disregard for shareholders. Today I took the small step of cancelling my DRIP participation. I may write to the company tomorrow and make it known that IMO a rights issue would have been fairer even if not a cheaper way to raise equity.