Often this excludes investors living outside Australia so it is not totally fair to all existing shareholders.
Given the shareprice has fallen to the CR price (or below) the renounceable rights would have no value so the shareholder is in the exact same position but with the added risk that the company might not receive any new funds if rights holders decide not to pay them up.
Don't forget too that 12% is being purchased by staff/board members - some of who are existing shareholders and therefore not the ZERO risk profile you mentioned.
Wayne promised no CR, page-150
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