Ann: Rights Issue s708AA notice, page-2

""no person will acquire a relevant interest in more than 20% of the issued voting shares of the Company under the Offer""

But this is what BSR directors should be directing their attention to. That is finding a strategic shareholder to ensure that the longer term goals for the realisation of the underlying resource are achieved and not stolen by an interloper who does apply themselves to acquiring more than 20% .
I'm not unhappy that they have dispensed with the prospectus and have contented themselves with a 'lite' version of disclosure .I guess they can extend the offer if something encouraging arises from the underground scoping study .