MichaelIrish,
perhaps you should quote the entire post or atleast read it.
the statement was made in reference to the fact that no matter when the record date is, or no matter if new shareholders are able to buy exisiting shares before the record date, then the dilution does not alter. it is still the same as the rights are already set and thus the dilution is alread set, in this case at 21:40.
kennethgalbraith,
no matter when the record date is, if you don't subscribe for your full rights issue then you suffer dilution. again this does not change.
you also make the assumption that all original shareholders want to continue to hold, some may have seen the rights issue and decide they want to sell, i'm sure they would want a potential flurry of buyers so that they can offload.
the more i read, the more i worry, page-114
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