Ann: Landmark Deal On Costs - Mining Back On, page-44

Agreed this should have run then CR, could have stood a chance at higher price raising.

Say 1b currently on offer and 3.6b in CR = 4.6b proposed current would be worth 21.8% (1/4.6) of the current 12c so current value is 2.6c if you were not to put into the CR.

Assuming the offer is 2 for 1 plus a free option costs 5c we pay 10c ea = 12+5+5+22c (should you have been lucky to get in a 12c and not my $1.60 haha). So post CR would be looking at the mid 20's to get back to equal but coming from a current value of 2.6c.

Not too sure if this is correct but hopefully simple to understand so please correct if this is wrong. This is my limited understanding and please do not take this as fact.