Often shares drift down to the rights issue price. But there are no guarantees that this will happen. It's all about the perceived fair value of the share price against the potential of the company. This equilibrium is constantly changing.
In the case of ARE there have been quite a few developments and announcements over the past month or so. If any one of them "hit", the current price will take off as it is currently very cheap.
I'm not selling my shares and will be taking up my entitlements...
why?, page-4
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