News: TPM Telstra gets favourable competition ruling on mobile network, page-50

"There doesnt have to be any dilution,..."

If you don't take up your entitlements, you get diluted.
Period.
Arithmetic fact.


"....and being non- renouncable doesnt mean you cant trade them,"

So if one didn't want to take up one's entitlements, where would one have been able to sell them? If you say one could simply sell the headstock and use the proceeds to take up the entitlements, that's completely different situation; for starters, what about any capital gains tax liabilities that might have arisen from the sale of the stock?