extraordinary deal for exising shareholders, page-5

Agreed - buying $500 worth of shares would entitle you to purchase about another $70 worth - all quite pointless.

Although the discount on this issue is quite substantial for existing holders, it doesn't work out as overly attractive for non-holders:

At today's closing price of $6.15, the fair value of each right is $2.05. Divide this by 5, and you get $0.41, which is 6.7% of today's closing price. Factor in brokerage, CGT and the risk that the SP could fall, and the whole transaction isn't even close to being worthwhile for those who don't currently hold.

Does anyone know what code the rights will trade under?