Ann: Standby Equity Commitments Received, page-21

I do not see it your way TPG
A rights issue/placement, in this market environment, could be done close to a 10 day VWAP. No options required. Yes, a CR fee of 5% but a big saving to all shareholders compared to what is currently proposed.
The other advantage of a rights issue/placement structure is that we could introduce new shareholders and build liquidity, which is currently pretty hopeless.
The unfortunate truth is that the 'insiders' keep getting cheap placements and upside leverage with options and everyone else is getting diluted and losing upside because of that dilution.
Its a bad deal.