entitlement rights

I bpayed for some of my rights yesterday and i figured that if the share price rises, i should get back some cash on the rights that weren't exercised.

So as i understand it, if the SP is 15cents, the rights are worth 1 cent and so forth.

I personally didn't exercise all the rights just on the off chance that the SP drops.

So i figure that if the SP rises, I will benefit by the increased value of unexercised rights, and if the SP drops, I can pick up more shares at a cheaper price.

Any opinions? Am I correct in my thinking?

Raving1