Is the CR good or bad for shareholders, page-3

I accept that not all shareholders want to be green-mailed into having to subscribe more capital and that some simply do not have the available funds.

Putting those argument to one side I'm still not following the logic of the camp opposing the CR.

The cost of debt for URW may be 2% but:
1. the gearing is now so high that will not last,
2. they are at risk of breaching their borrowing covenants (and if this happens debt will be VERY expensive), and
3. My cost of debt is also cheap.

I note no one has suggested that the CR will not permit current shareholders to fully participate. This to me is the key point.