buying and exercising rights, page-2

Just thinking about the impact of a renounceable rights issue. The offer docs indicated that excess rights would be sold. If this is the case, does this mean we will see NFK drift lower to closer to 72 cents, particularly as the only meaningful rights bid is at 0.1 cents. Where I am coming from is that rights will hit the market at some point over the next week and probably at a low price given the lack of depth. Thus, why pay 77 cents for NFK when you may be able to buy the rights at close to 0. However, perhaps they will look to place the rights with a large investor. Anyway, no idea what is going to happen but would love to hear thoughts on this.

PS. still interested in understanding the process of exercising rights bought on market if anyone knows.