I wrote above:
"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.
http://asx.com.au/asxpdf/20120217/pdf/424fj0dxn83gv0.pdf
Disc: I don't hold RNI or WCL.
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2 for 5 capital raising at 25 cents!, page-36
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