It’s bad for shareholders since the rights issue is of dubious utility going by the company’s own figures. They want shareholders to invest additional money, to pay down debt with a cost of 2%. If it’s not actually necessary to protect the interest of shareholders (eg. 50% LVR or somesuch significantly increasing the chance of covenant breaches) then it should, at the very least, be delayed.
Management has has indicated it wants to carry out the issue immediately, which makes little sense since the SP is already so bad it could hardly hurt most shareholders to wait a year or two for more clarity. Indeed, the proxy firm management cherrypicked from recommended the CR be approved contingent on additional board oversight from the refocus group (who hold shares, and thus have a legitimate interest in the company beyond protecting their jobs)
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