Even worse they have timed things so that the shares will be able to trade for the last 3 days of tax selling season with this news out there. It seems pretty clear to me that the stock will trade through TERP (certainly until Friday) and this may end up being better value than taking up the entitlement.
There is a lot of negative reaction to the CR and rightly so, but one small counterpoint is that the placement is small compared to the entitlement, so if you have faith (and cash) and the will to participate you are able to broadly maintain your percentage holding in the company.
Ann: Proposed issue of securities - TTT, page-17
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