Renounceable rights transfer this value to those who are...

Renounceable rights transfer this value to those who are existing shareholders who don't participate and away from those  institutions/underwriters which in turn helps the SP to be bid up as interested instos have to buy on market.
See for eg;

https://www.intelligentinvestor.com.au/capital-raisings-time-for-a-fair-share

But we can agree to disagree bbgg... lets not take away from the substantive issues to be dealt with including:

Does KAR decide to kick these development costs down the road and then this 'future debt overhang' spooks the market every time POO heads downward.

How much (any?) value will be ascribed to EPP46 based on nearology and the large upcoming drilling programs.  While I take the point that it is only committing to seismic, and this really is KARs core value add skillset, I wonder what the CoS potential uplift on the ~25m that this will cost.  Would be interesting to know what (if any) farmin/other values have been placed on EPP37-45.

Cheers