132,727,268 - EQUITY DILUTION - HOW MANY NEXT YEAR?

132,327,268 represents the amount of shares QXL have added to the equity capital in 2001.

My question is how many more shares will QXL issue in 2002?

This should be the real concern to people contemplating investing in QXL.. The £15,000,000 2% Convertible Bond and the £15,000,000 Equity Commitment agreed to by QXL could have a major impact on the equity capital (and share price).

Others on this B.B. say that QXL will go under in 6 months. I dont agree with that but they may be proved right. My view is that equity dilution could collapse the share price next year.