is it legal to dilute non australian holders?, page-4

Trainee,
My understanding is consistent with yours.
Those rights should match the discount to market so to retain their % shareholdings, the o/s shareholders could in fact buy the shares on the market.
The Net result to them should be about the same with the exception of brokerage costs etc.
Note it is unlikely any offshore investors will be retail and therefore I expect they will be eligible to bid for the rights as institutional investors.

The reason the offering is not open to overseas shareholders by the way is the cost and effort associated with complying with the equivalent of our Corporations Act in every country in the world is prohibitive.