amazingly poor take up, page-5

Because:
1. Proportion of the register are silent dumbats who do not read their mail or monitor their portfolios.
2. Some would have expected the sp to stay around 20 to 30 and been discouraged.
3. Some big holders may have partially taken up rights and only sold down there position post.
4. Last reason is people make mistakes! Your question is a valid one and many who did not take it up will be reading your wisdom and kicking themselves.

Reading your posts from early january on this issue you were also of the opinion the sp could be stronger post rights. IMHO current sp of around 8 is due to:

1. Everyone who knew about these assets got set in the rights issue at 7.
2. Parties behind the underwrite have been happy to have it drift at 8c in teh hope they could pick up some stock.

Now the issue and underwriters are set watch it go from here.

BTW in relation to your question about the directors the other comany that all 3 are on the board is PDZ. In fact PDZ has been the main company and management that drive most of the action. I am getting set because based on CLN and WTN my guess is PDZ is next cab off the rank...