Clarification required re - 1.6 Entitlement Trading, page-2

that is my understanding as well.

recently went through it with ari

rights turned up in account and was able to sell them, didn't get much but better than zip.

those that didn't sell the rights in ari or take up the offer got zip.

My understanding is if you do not sell your rights or take the offer, the rights for your uptake are offered for sale in the bookbuild.

so with ari the share price was below the offer price so the underwriter didn't offer anything for the rights. They got zip.

for pen if at the time of the book build the share price was 3c (purely an example, not a prediction) then someone may bid for your rights to take up the offer at 2c. If it was less, then they wouldn't.