ntg rights issue

I have been stung by this one. Only a few weeks ago the company was involved in and promoting its buy back at prices much higher than current levels. Now today it announces a rights issue that will flood the market with more shares and they are giving them away for peanuts. What poor unsuspecting shareholder wouldnt be left shaking his head and can only wonder what the hell is going on with this company. I havent got out yet but now realise that there has to be a dead skunk that appears to have taken over the offices of this once respected blue chip telco. Is there any hope now???