The Kemang acquistion deal has more details. Discount rate of 8.4% vs a lower dilution of 4.8% (for 40 mio raised instead of the initial planned 110 mio), seem excessive to me. Apparently, Mr market agreed in the morning. While I appreciate the lower dilution and the utilisation of cash from the 2013 placement, there are also more questions that need to be answered. About 100 mio is raised in the last placement, more than enough to cover the 70 mio difference the initial placement exercise want to raise. So altogether, 170 mio of cash(excluding the 40 mio and consideration units to be issued) need to be set aside for this acquisition. Looking the Q3 cash level of 223 mio. it seems that the lower dilution is a pleasant surprise. However, the pleasant surprise is offset by a nasty surprise of only 0.55 cents of advance payment. ......