Can sort of understand the big discount for a rights issue, but...

Can sort of understand the big discount for a rights issue, but when it's accompanied by a capital rise of even greater size to many non existing shareholders, it is a tremendous tearing up of shareholders wealth!!

I am glad I sold down after that last trading update, although at present I might have got a higher price today, because of the discounted issue which it has just gone ex..
I am tempted to offload rest at 13 ex the offer though I do think a turn around coming... they need to be marked down a huge amount for lack of transparency, lack of communication, poor management and a disastrously priced CR- placement particularly. With such a huge discount, and the support of the major shareholders there was no need for the placement!