It is in the acquisition document many many months ago, Reneuco will be buying over ASSB which owns 3 hydro plants in Sabah which are already operational. 1 of ASSB's investor is E&E catalyst which is a 99% subsidiary of MOF, it is in the documents.... so after this acquisition E&E will get 87m shares issued to them at 0.22/share and they will be a substantial shareholder base on the enlarged sharebase... so if MOF agreed to be in Reneuco....what does it mean

Reneuco drop from 0.6x to 0.2x last year was due to lack of funds. But now, as the acquisition is fulfilled, meaning funding is no longer an issue. Time to back to its fair value, at least should be 0.5 above.

the timing was always being controlled by them, but yes funding was an issue but in their latest QR, they secured 70m of funding and 350m more from bonds...... i guess things may really start to take a big turn from here on?

To recap for everyone: reneuco is acquiring a company called ASSB which owns 3 operational hydro plants in sabah with a feed in tariff agreement FOR 21 years. 1 of the investor of ASSB is a company called E&E catalyst which is 99% owned by MOF

Dilution isn't all bad, depending on the situation. For this case, major shareholders won't sell in open market, so it is nor consider as free float shares that will increase selling pressure.
Secondly, dilution of EPS. After the acquisition, Reneuco will definitely earn more than before, so what to worry.