You're right.
However, when mgt goes to the raising they ask say three brokers how much will you sub-underwrite at what price. That manipulation will wash out somewhat.
It's not as bad as long term holders feel. E.g. I think RCR expect an 18c SP based on a 10c rights issue and all that dilution feeding into the SP target based on NPV.
I've targeted my holding assuming I will take at least another 50% in the raise.
For reference you can look at MDL (which is where I've gravitated from). They had a similar raising at 40c.
what we need is positive sentiment for the commodity(ies) were to produce which is what we've got.
Hope I haven said too much or given offence. I'm relatively newer in the stock . Since June but I've been in and out around a decade ago.
IMA Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
