They have absolutely no right or legal position to do this once the rights trading commences. I have it on good authority that they will be given two options.
(1) Issue shares at 1 cent to those with the rights.
(2) Pay out the difference between the rights price and the share price at the time of the announcement.
ASIC will piece things together - selective disclosure issues arise from almost all angles.
Ann: Withdrawal of Rights Issue, page-35
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