Ann: Extension of Closing Date of Rights Issue, page-6

@markie125
LCK requires more money. To do this, it is asking existing shareholders to buy more of the company's stock at 12c per share. If you were a registered shareholder on the cut off date, (which I cant recall off the top of my head and without looking it up!) you would now have the right to buy more stock at 12c on a 1 for 15 rights. This means, that for every 15 shares you owned at the time of the cutoff, you are allowed to buy 1 share at 12c. You do not have to take up your rights, you do not have to do anything if you dont want to buy this stock.

Given that the share price has traded below the rights issue price of 12c in reasonable volume, (meaning you can buy more and cheaper than 12cps, but pay brokerage) and that LCK have extended the time for shareholders to takeup their rights, we can assume that at this time, many existing shareholders have not accepted the offer from LCK.

This is a known as a non-renounceable rights issue. The right to buy the stock form LCK is not transferable, meaning only the registered owner can take up this offer. A renounceable rights issue allows the rights, in effect an option, to be bought and sold. 

Hope that helps.