Rights offers take care of existing shareholders better than a placement - at least shareholders get to participate in the dilution to maintain their % of the company before opening up to outsiders.
The way this offer is structured suggests the management is very confident of their shareholders/supporters to take up their entitlement. There is a negligible discount (-3.5% vs typical -15%) and the advisor to the offer is underwriting it. Maybe something is coming up.
Ann: Letter to Shareholders - Entitlement Issue, page-4
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