Much as I try I really can't see the value. It's a very marginal...

Much as I try I really can't see the value. It's a very marginal discount for the entitlement offer right now - for not many shares, and no certainty to get more, or where the price will go meantime before I even get them.

As somebody more or less said, if I think the price is going up, it's much more efficient to just buy options on the market today. And if it's going down, the freebies are worth less than nothing, they're net loss makers while increasing my risk and my average price to boot.

It's not all their fault, the asx rules are set up in a way that benefits Sophs acting exactly as they have, making retail hold them up by soaking the dilution.

But at some point IVZ needs to find a way to stop using the foundations to fuel the fire.