Interesting comment. As I noted on the day that the rights issue was announced, the specific wording used by PN in the rights issue market announcement used the word "intend" and certainly not "would" or "will", ie:
Just like criminals out on parole say they "intend" to turn up for their court hearings it seems what somebody intends to do and what they actually feel that they have committed to do are two very different things.
A week later when it was Hoy's turn to articulate the plan the wording had changed from "intend" to "will" but interestingly he also decided to drop the word "all".
I reckon your right that they will participate but I must say that from many years of experience I have learned not to trust much of what they say.
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