I think this is a very fair raising. the option issue gives retail shareholders a low cost opportunity to enjoy the potential upside with little outlay.
however what they are not telling us is that Drake cannot take up rights, and if they wish to maintain their % shareholding there will need be a placement to them or an off market deal through a broker. As it stands there will be a shortfall of at least their portion of the rights issue.
unlike a lot of posters I am grateful that maclarty stepped up. otherwise reveley et al would have gone ahead with what I consider was a deal for insiders.
Ann: Capital Raising, page-21
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