Rights issue, page-23

Some interesting stats that suggest this is NOT a great deal for shareholders and a risky path to take if results do not deliver.

Pre rights issue announcement:
VWAP of last 5 trading days is 3.65 cents (22% discount)
VWAP of last 10 trading days is 3.26 cents (9% discount)
VWAP of last 15 trading days is 3.72 cents (24% discount)
VWAP of Aug 14 trading days is 3.66 cents (22% discount)

You would have thought Azure could have secured a placement at a higher price than 3 cents per share.
gosouth, do you think the rights issue price is reasonable considering the current state of affairs?