wound tight, page-31

A 1 for 5 renouncable rights issue would have had to been done at the same price to be viable, and even then the rights would have been effectively worthless as there would have been a huge number of rights that shareholders would have not wanted to take up. The situation was more difficult as optionholders who had just exercised would not have wanted to have to fork out a heap more so soon. Therefore the company would have had to enter into an underwriting agreement to ensure that the funds were raised, and then the same persons that you are trying to stop getting shares would have got them and got paid a fee as well for doing so.