Hi, I have seen elsewhere some people wondering about the effect...

Hi,

I have seen elsewhere some people wondering about the effect if dilution of a rights issue.

Aside from the fact that cash on hand should technically add to the MCAP (keeping in mind NTL sold down shares in BPL so it has some unannounced cash already) it really depends on how many people take up the rights (how many new shares are issued) and how much you value the company at after the rights issue.

Here is a post with several examples of what might come about:

http://hotcopper.com.au/threads/ann-appendix-7-ntl-nz.2771395/page-19?post_id=17782372#.V0FyEb7QuUk