These are your renounceable rights under the entitlement offer and they can be traded.
You now have a choice, if you want to take up your rights then you do nothing and when the rights trading period has ended you will be able to subscribe to 1 new shares at 1cent for every right held.
However, if you don't want to take up your rights you can sell them in the market during the rights trading period. Alternatively, you were keen to get more shares in the entitlement offer you could buy more rights in the market.
If you want to understand how to determine the value of the tradable rights look up "Theoretical Ex Right Price" or "TERP". In essence the rights trade like a listed option.
Ann: Settlement of Institutional Entitlement Offer, page-6
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Mkt cap ! $141.5M | |||
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