If we look at UTV's
recent history, they went on an acquisition spree about 5 - 6 years ago, and are still paying the price... EPS declined from GBP 23.08 p in 2006 to the most
recent FY of 16.7 p — reflecting an increased interest bill plus a painfully
dilutive rights issue, rather than significantly poorer performance.
-- As of end FY - 14 (plus this
recent award), the company's granted (up to) 64 million
dilutive warrants / options, about 14 % of the outstanding 450 million share count.