Ann: Invictus Energy Entitlement Rights Offer Opens, page-169

Just on the numbers buying, which is cheaper, let's look at the real situation, including brokerage and minimum parcel size, I don't think anyone here is able to buy or sell 1 or 2 shares on market like brokers/instos ....

Buying right now costs 10.5 cents/sh. At 10 cents you are in the que behind 5M other orders. Likewise for options buying costs 4.5c/option while selling only produces 4.3c/option..

Buying $500 (and a few cents) on market gets you 4762 shares plus brokerage (comsuk) $10. Buying options minimum parcel costs $500/4.5c = 11,111 OA's, however selling them at 4.3c is below marketable parcel so would need more.

Scrap the above, it doesn't equal buying from the company, so lets start at 15,000 options and 30,000 shares building a little 'safety into the purchase so options can be sold on market as marketable parcel..

15,000 options @ 0.045 = $675 + $10 brokerage = $685.
30,000 shares @ 0.105 = $3,150 + $19.95 brokerage = $3,170

Total spend $3,855
Assuming more than 360k shares in IVZ and ability to take up 30,000 in rights issue.
30,000 X $0.13 = $3,900 ..

So yes everyone is $45 better off buying on market, or you could get an extra 346 shares when buying on market for same dollars. It's 1.1% more expensive buying from company..

Except are ALL shareholders better off if everyone buys on market and the raise is a failure?? Or are all shareholders better off buying the very slightly more expensive shares from the company and the raise is an outstanding success..
I wish everyone would ask themselves the simple question, will the SP be higher if the raise is a success or a failure? If the answer, which should be obvious to all is a successful cap raise, then why is the topic of which is 'better' even being discussed?? We all know the answer, WE, the shareholders will be better off with a successful cap raise!!