record date still to come, page-12

I think that a factor which might have triggered today's sell off was the realization that the Rights Issue provides that registered shareholders will be entitled to apply for their entitlement (3:2) at 0.4cents OR will be entitled to apply for shares and options in excess of their entitlement.

IMO, there will be a huge shortfall in the take up of this Rights Issue and many would have drawn the same conclusion, thus, it will only be necessary to "be entitled" at the Record Date (even just one share) to buy as many as you want of the RI at only 0.4 cents. So, if you already hold any shares now, why not just sell down to a few hundred to retain eligibility, and, more importantly, why pay .10 cents now when you will probably be able to get just as many, but only have to pay 0.4 cents from the RI. Sure, the "risk" is there that they will be over subscribed, but, this is a punter's stock, so, why knock that logic? All comments appreciated.