rights issue

It does appear to be strange that ITE should have a rights issue for 10% of its capital rather than a placement which would have been much faster and I assume cheaper.

They wouldn't have to pay UXC any interest of 12 % p.a. or any underwriting fee.

10% of its stock is less than the maximum 15% allowed under stock exchange rules without having to obtain shareholder approval.

Maybe, ITE couldn't find a broker that could place the stock ?

Does ITE have a house broker that promotes the stock and handle any capital raising issues ?

The whole rights issue situation is very odd and not very well explained.