Ann: Non-renounceable Entitlement Offer, page-2

I don't get it.

They just bought back 11M shares (@88-92cents) and now issuing 13M shares (@86.4 cents).

Must be part of a bigger plan.  The documents do not give any hints and if its the same people buying the new shares after selling the old one there is not much profit in it.

I notice Wilson is underwriting 6M shares which will take his companies to 30%.  Does that trigger or require a takeover offer?

Anyone have any clues?