Ann: Fully underwritten institutional placement, page-43

Cashew,

You are absolutely right on fairness, at least in theory. I once subscribed to the view, esp with the heavily discounted, distressed placements during the GFC.

The trouble with what you wish for is that imho we would now all be scrambling around selling some CVN heads in the low 30’s in order to take up our rights, or be giving away our rights for a couple of cents.

Pragmatism over idealism for me, thanks. I couldn’t prudently take up a rights issue and would therefore have been diluted at a much more discounted price.

EL