Great post, Viking.
Question is, will this change in 2013, as more than implied by Nisse thru the JF message, before he became a Director.
The magnitude of share issuance in 2012 was higher than advertised, and executed at these very low prices anyway. That this has economic impact is mathematically axiomatic. (more shares = lower eps).
My guess is simply that expense commitments became larger than anticipated, and/or cash income smaller, so there was no choice. There are no new shares needed for the FN listing.
It is this lack of flexibility well after the Chinese stigma and low share price were well established that I find so frustrating.
2013 brings some new thinking, it appears. The five year plan will continue, but there are efforts to spur share demand (FN listing); to limit share issuance (bond offering); and hope that they will alter plans (financing and/or business) if the first two don't work (Nisse's message).
If they can get the $20M cap ex over and above cash income, grants, loans, etc issuing bonds and/or higher share price for 10M+/- new shares -- the supply demand character for the shares will shift dramatically in favor of the longs.
If 2013 is cash flow positive, and the last year of share issuance, just think about how the posts here will change: less market maker talk, more operations talk; losers become winners; savages, geniuses, etc.
These markers ought to be fairly clear, starting with the FN listing.
