"Holders, the market is working out how much the offer is worth, and what the rights are worth."
I made an error there- rights are non-renounceable, so won't have a trade value on the ASX. They do have an inherent value- the "theoretical" value or whatever they call it. RNI is doing a raising like this- at a steep discount to the pre-raising price. They are raising @ 35c (with attached options) and the share price is still 51c and has never looked like dropping to the raising price.
