Bucks you say:"Anyone wishing to profit from the entitlement...

Bucks you say:

"Anyone wishing to profit from the entitlement issue would already have sold 25 % of their existing shares as soon as they went Ex entitlement - thereby locking in profits at the then higher prices."

Interesting theory, but look at the trading volumes since the rights offer closed.

Not that many shares have been sold off as yet.

It's a bit difficult at this stage to tell how low the price is going to drift down to isn't it?