It's a helluva difficult call. It's almost always recommended to take up a rights issue, but this is unusual in it's short time-frame and that it's also a spinoff. TWR warn that there could be a lot of portfolio rearranging after the split is complete. But, of course, getting to 75% to pass the deal, won't be easy, even with all GPG's proxies. I live in Wellington, and am going to the meeting at Te Papa Tuesday, and I'll probably vote Yes, and take up the entitlements. You'd have to bet on GPG getting it right more often than wrong. Interesting article in the Auckland morning paper today (Jan 21), here's the link.
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