Ann: Renounceable Rights Issue to Support Yangibana Development, page-7

(This is not financial advice - do your own calculations)

But theoretically, HAS was worth $79 million prior to this - no sell off before, so they kept tight lipped about this one.
130 mill shares x $0.605 prior
Post 130 million shares + 61.5 million shares at $0.36
(9/20 x 130 million existing shares = 58.5 million when I went to school, but lets run with their numbers)
($79 million assumed value from prior close + [61.5 million x $0.36 assuming full take-up] cash) / (130 million + 61.5 million new shares) = $0.525 in value.

All things equal, and this does not include the value of the 1 for 3 option so thereotically a higher price, suggests a base price of $0.505 if you thought $0.605 a fair price prior, but conversley if not taken up in full and a shortfall, you'd lower your estimate of value.

(this is how the big boys work them out and how the ASX used to work out option strike adjustments on stocks with listed exhange options until they whimped out and started doing a VWAP basis - money for the bright to be made there)

Look its crap for long term share holders, but I have been waiting for this (it was predictable surely?) and am now happily buying into HAS <$0.45 (little leeway for shortfall) and will take up the small entitlements I have - my holdings small fry, but the above applies to all.