Ann: SYD $2bn Equity Raising and 2020 Half Year Result, page-25

I’ll probably pick up my entitlement and then put this stock in the bottom draw for a few years - a long road back I reckon.

Rights should trade at about 80c but it will depend on what the actual underlying stock does on Friday. If the market likes that SYD is strengthening its balance sheet and the stock goes up to $5.60 then the rights are in theory worth $5.60-$4.56 = $1.04....if the market doesn’t like it because it thinks raising funds like this is indicative of a company in strife (and the stock price drops to say around $5) then the rights are only worth 44c ......ie 5.00 - $4.56)

In other words the rights price will fluctuate with the stock price