Retail Entitlement, page-2

the latter is whatever the market price is on bookbuild day, less 3.85. So if stock at 3.95, you may get 10c. If at 3.85 or below then expect zero.

The unfortunate part is that a rights issue is designed to reward shareholders, by allowing them to participate at a 'better than market price'. For example, giving you the right to buy shares at 3.85 when the market price is 4.25. When the stock trends down to this level there is no advantage to loyal shareholders. Those who buy in now, are better off than those that have loyally held on and supported the company. Not a great outcome, but that is the way markets work.

Only way to benefit from this instance (as of now) was to sell your rights when they had value - They were up at 50+c for a while, and that proved the time to sell, especially if you then came in and bought down here, or lower. Effectively then you could subtract the price of the rights you sold from your purchase price. So sell @ 50c, buy @ 3.92 and your effective purchase price was 3.42.