If it's a rights issue, demand and therefore the price would...

If it's a rights issue, demand and therefore the price would have risen. People would have bought in to buy a share of the cheaper shares. Instead they all sold because the price was set too high.

I know one of the initial reasons I bought in was to secure the rights to buy into the float of MCL, which was the original proposal. You can imagine how disappointed I am with the current deal. Instead of securing a fair share of MCL, my holding have been diluted and any future profits from the bauxite must now be shared.

If I was one of the founding QBL investors I would be furious.