It's very reasonable. TTT did a 1c rights issue (was trading at 6c). The 81% discount was reasonable and now trading at 3X the rights issue price.
https://announcements.asx.com.au/asxpdf/20230626/pdf/05qzlx9s12w4ks.pdf
Are you saying 1c isn't cheap enough to be attractive to current shareholders?
Short Shorts, page-32
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