Hi Madoff,
Well this has got the normally placid AEU holders on edge.
The details are out, and based on their numbers it is essentially good if you take up the rights issue. Based on previous guidance of 9.2c / share and an 83c share price the dividend yield would have been 11.1%.
By taking up the rights issue you would effectively get 12.7%. Given the decrease in risk, I would have thought the unit price would adjust post raising to give about 10% yield (up by 27%).
The bit I am confused/concerned about is the 100,000 extra that can be applied for. I can't afford that sort of money, so I guess I will suffer some unwanted dilution as a result.
proposed cap raising, page-13
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