rights issue

Hi everyone

First post I've ever made so give me a little slack if I do something stupid :)

What's everyone's thoughts on the rights trading price when it occurs?

I bought 140,000 at an avg of 9.6 cents (630,000 rights I'm calculating), hoping to make enough on the rights trade to at least cover most of the dilutionary effect.

I was annoyed enough with the annoucement when I bought near the bottom of the SP. Feeling sorry for all the holders that got screwed at a higher price :( Just no need for it at such a dramatic dilution, they weren't in any serious trouble I'm thinking. Thought they were a real chance at a big gain....until this happened :(