You'll have to submit it pretty soon for any action to be taken. Reading the takeover panels information on rights issues the only real argument you have is this paragraph. Good luck..
SizeA large rights issue may have a potential control effect, even if priced at a large discount, because shareholders may not have the capacity to pay for all the shares to which they are entitled. A company undertaking a large rights issue may need to more clearly demonstrate its need for those funds.29
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