itc holders: look at vpe's latest corp. pres , page-9

macrae... take a view of a any sane person...

it is noted academically that a sane person would be relative risk averse... therefore most sane people holding this stock would not take up the rights issue due to the prevailing market conditions...

further the takeup of the rights issue was skewed in being under subscribed as eddie did not take up his issue opting instead to take up his agreement to underwrite the stock therefore again skewing the results somewhat.. it is also my view that the 'sophisticated investors' who took up the issue were in fact holders who again opted to take up the rights issue into different entities and not those holding their current stock...

there are many reasons for the undersubsribed rights issue

THOUGH imho this is all irrelevant in the scheme of things as they all got subscribed and thus the show goes on....