As a major shareholder, wouldn't Orbis have been consulted about the proposed recap?...
A pro-rata entitlement issue to unitholders suggests 1:1 renounceable rights issue.....the rights might be issued at 6.7c. if you do not wish to participate you can sell your rights and retain your holding otherwise you double your holding in anticipation of a much brighter future.
I very much doubt that Orbis will be selling down their holding at this point in the cycle.
JMO
MDT Price at posting:
6.4¢ Sentiment: Hold Disclosure: Held