Ann: Placement and Fully Underwritten Entitlement Offer, page-77

Agreed. The implied value of the yet-to-commence-trading rights as at today's close was -0.3c (negative value). That might change quite dramatically if (small word with large consequences) BMM readjust their expectations for full control (that was never gonna happen, boys) and settle for being a major (the major?) holder. Time will tell on that front. This will certainly test their mettle wrt just how committed they are (or whether they've already called time on this incursion, which we are unlikely to hear from management, if past comms performance is anything to go by).

If BMM are not interested, then it will depend on just how exuberant the AF fan boys and girls get. From where I sit, it looks like the rights will trade somewhere between nil and 1c (keeping it real for the moment and not entertaining the possibility of x-factors which might push FPO SP values above 6c). The FPO SP could do anything.

AF's nod (involvement) also suggests very strongly that he won't be casting a "strike 2" Remuneration Resolution "no" vote at this year's AGM. But... we now (for the moment, at least) have a disgruntled significant holder on the registry, so that story hasn't been fully written yet. This RI will likely force BMM's hand once and for all, just like their informal proposal forced AF's (imo).

The idea behind my earlier musings about possibly early retirement of the CN (I still haven't fully dissected the prospectus) lies in the idea that AF might want to suck as much air out of BMM's sails as he can. Retiring debt would be supportive to the post-RI FPO SP.