equity raising, page-59

Writer, why won't speculators flick it at a profit after the record date? Why won't those who took part in the placement not sell for the usual 10-20% profit?

As for the amount, TZ are limited in how much they can raise without s/h approval - 15% of issued capital. This comes to not much above how much is being raised.

There can be no oversubscriptions as it is a rights issue. If anybody wants to have more rights, they'll have to buy more stock or rights.

It's renouncable which means, use it or lose it (to Patersons).

The above is the way I read it. Having said that, there have been quite a few stocks that have moved up on the rights issue announcements, only to fall back after the record date. This is where TZ will need to deliver the goods to keep the upward momentum.