Ann: REH - ASX Announcement Equity Raise, page-23

"Other than your clever capital re-cycling demonstration, how is it free money?"

The "free money" is not contingent on "clever capital recycling".

At the record date, whether one had $100 worth of Reece shares or $30,000 worth of Reece shares to recycle into SPP stock, participating in this capital raising is still a case of free money.

A minimum of $5,724 worth of free money [*], in fact, at the time of writing.

If you can't see that then I don't know what else I can possibly do: I have explained it over several posts in terms as simple as I possibly can make them. (Heck, over morning tea I showed the situation to my 18- year old and 20-year old sons - neither of which excelled academically, I have to add - and both of them understood it straight away.)

[*] That $5,724 "free money" is available to all shareholders at the record date, irrespective of shareholding. It is greater than $5,724 to the extent that shareholdings differ and entitlement offers are taken up.

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