ERHC Energy Inc (ERHE)

[tryoty]

baz, think of it this way...

It's not about the initial offering, everyone has an equal chance to offset the dilution. It's about the oversubscription. If every single shareholder participates, everyone gets 1 for 3 and there is no oversubscription round. If only 20% of the retail shareholders participate, then the shares allocated for the 80% that didn't get put up in the oversubscription round and split among those that fully participated based on their equity percentage in the company. If the 20% of retailers that fully participated and oversubscribed represented 5% of the total full participation, with Offor representing the other 95%, then they would be allowed to buy 5% of the unsubscribed share and Offor the remaining 95%.

Round 1 allows us to buy a slice of the pie proportional to our equity in the company. Round two will allow round 1 participants to buy a slice of the remaining pie proportional to their participation in round 1.

I hope that I didn't make it worse. LOL!