Ann: Invion announces Rights Issue Entitlement Of, page-9

re: Ann: Invion announces Rights Issue Entitl... Pete and Twig - The 2 Rights Issues I have been part of (both small biotechs) were structured in the same way, i.e. the ex-date being at least 1 day after the announcement of the rights issue.

The fact that its 1 for 20, and not 1 for 5 or 1 for 2, like the others I was part of, its got less influence on the SP imo. The option has less value. I was surprised that this dip in the SP didn't occur on the announcement of the $5m institutional placement, which also mentioned the intention for the $2m rights issue. My only issue was that the terms of the rights issue wasn't announcement the other day at the same time as it was originally announced as an intention. I topped up today, but am still slightly down on average, however I didn't buy on 3M collaboration and share placement announcement, because I knew that there would be a high chance of the opportunity to buy before ex date.

My final thought...this rights issue isn't underwritten, so management and the board are confident that there wont be a problem raising the $2m. I doubt the SP will drop much lower. Perhaps some interim results will be announced before the closing date to give much greater value to the 7.5c 'options'