Book build was at NZ $0.81. Not long after opening AIR head...

Book build was at NZ $0.81. Not long after opening AIR head shares are now at NZ$0.815 .

So. Some basic math. AIR was at NZ1.37 at close of trade when offer was announced.

Assuming a shareholder at that time bought rights they have spent another $1.06 for two more shares.

They now hold three shares at a value of $2.43. Or $0.81 each

So in reality the rights was not offered at a realized discount.

All shareholders have done is maintained their existing holding % at the same price. They are no better or worse off. Other than having to spend $1.06 on something they might have done better to spend elsewhere.

But its that old rock and a hard place. If they had done nothing they would have a share workt $0.815 plus the $0.56 for the two shares sold in the book build. Or all up $1.375 worth of value from the exercise.

Either way you slice it shareholders weren't a winner in this exercise.