You repeat yourself, so I am also going to repeat a point.
Companies come to the stockmarket principally to raise money for growth. There are other benefits as well, but raising money to grow is the principal reason, because it allows companies to raise cash for acquisitions that would be difficult to raise from existing revenues alone. It also means companies can raise cash without taking on debt.
It would be hard, therefore, to name many companies - if any at all - that have come to market and never sold any shares to raise cash. The important point for (long term) shareholders is what is done with the cash.
If it is used for sensible acquisition of companies that, once absorbed into the existing business, create a group of businesses that are able to work effectively together towards a position of strength in the market to grow faster than / at the expense of competitors, then that is money well spent.
Additionally, if you have X number of shares out there and acquire two companies that triple the revenues of the company in exchange for increasing the number of shares by a factor of 2 (i.e. you have three times as many shares as you started with and the revenues are also three times what they were when you started) then no backward step has been taken in terms of dilution.
It is easy to scare people by mentioning dilution, but bad dilution is a company that comes out with fluff PR after fluff PR, has 100 billion AS and are constantly adding to the OS and / or float with no real shareholder gain.
What we have seen with SFNN is the company acquire businesses and give the previous owners a shareholding in the new company. Not what I would call toxic financing.
Now for the positive:
Revenues for the SFNN businesses are growing nicely year on year (including taking the debt forgiveness into account) and that is expected to continue when the next set of numbers come out. What will happen to costs when the next numbers come out? The real bonus will be if costs stay pretty much the same or even fall while SFNN increases overall revenues.
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