It was to be expected. Only a few of the faithfuls have opened up their wallets and followed through with their plans, but I am not so sure that all of them would have done so.
Why would anyone buy shares under their rights and having to pay $2.50 per share when they could have bought on market at $1.75 to $1.80. I could understand if the share price on market would have been at around $2.30 to $2.40 per each at which price I would have exercise my rights myself, but, at $1.75 and having to pay a premium of about 40%..???
Anyway lets wait and see what will happen next. Interesting times ahead IMO.
$79m shortfall, page-41
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