Sorry I hit the "post" button by mistake.
If someone underwrites an offer it generally means that they commit to buy the shares that are not "taken up". So that the cash issue ends up fully subscribed & the company gets it's money.
Renounceable rights can be sold on the market. If the share price is 1.5 cents and the rights cost 1.2 cents to take up then the underlying value of each right is around 0.3 cents.
Sorry I hit the "post" button by mistake.If someone underwrites...
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