Is NRZ as a company circling the drain?, page-9

IW, I am going to address your post bit by bit over time, starting with,

"I have not walked back from my opinion that overseas domiciled shareholders, including the two largest shareholders, will be unable to take up the current rights issue, as per the prospectus. Another spectacular own goal."

Based on what I can find, I agree. I cannot make sense of who is or who isn't an eligible shareholder, or reconcile the following statements in the Prospectus, regarding qualifications of eligible shareholders.

"2.7 Details of Substantial Holders"
and
"Accordingly, the Offer is not being extended and Securities will not be issued to Shareholders with a registered address which is outside Australia and New Zealand."

Unless they can get around this perceived anomaly, particularly in relation to the two major shareholders, there is no way they will be able to raise $3.2 million. What a mess.

I expect cautious shareholders will seek clarification on this important point, and then inform the forum.

I also expect there to be a flurry of action on the NRZR trading site next week once holders have taken up all or part of their offers and made any transfers.