Ann: Renounceable Rights Issue , page-12

You can trade your rights from the 16th.

If you are holding the rights on the 22nd, then you will be entitled to exercise them at the next stage.

ie if you bought 50,000 rights, then when they generate the paper work telling you how many you can exercise it will contain those numbers too, as well as your 10:1 ratio of stocks (which is the rights you already hold)

The other thing is that you can apply for more than your rights, but thats not guaranteed.... you need the rights for that guarantee, but its still an option.

I think probably only applicable to large investors who may want to get their hands on several 100Ks, otherwise its a little fidly for smaller investors and would cost you more time and brokerage than its worth.