I'm not sure I'd be buying ~£200m worth of shares, if I thought they'd be potentially worth fuck all in the next 12 months
Also worth noting that these are NEW shares, so not a straight transfer of shares leaving one current shareholder and moving them to another, so doesn't dilute ADUG holding below 75%, which rough maths would have been the case had they not been NEW shares
So in short, raises £200m, doesn't drastically reduce holding below significant majority, and therefore not really a major story
The only takeaway I'd have is my opening paragraph, but be interested to see what PB thinks