Thanks, Dargie.
Interestingly your calcs seem to indicate maximal bang for buck by putting 100% of your capital in BEPPA and declining the rights issue.
The exceptions to this would be:
a)if conversion was a 2:1 or fewer (unlikely IMHO)
b)Rights were at a sufficient discount to conversion price.
For this reason (if I were to invest) I actually think its better to invest upfront in BEPPA and leave a modest amount for the rights (if sufficiently attractive).
You think its best to invest a modest amount in BEPPA and leave a large amount for rights
Melua thinks its best to hold nothing (risks and unknowns being too high) and muscle in on the professional placement.
Dis: Sentiment is sell because I will execute my strategy if BEPPA comes down from present levels. Risk - reward still poor in my opinon.
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