rights, page-68

IMO there are two ways of looking at it.

Just say that an investor had 100k shares in his portfolio and that, before the last announcement about the share rights they were priced at 10 cents per share.

After the announcement was issued and he participated to the full 100k shares and options, he would have gained another 100k shares at 4 cents. You mighty be right in saying that that shareholder would not have been diluted in his % holdings, but he would be worse off by $2,000.00 even after having forked out another $4,000.00 in participating.

(I.e. 100,000 shares at 1 cents = $10,000.00 dollars, VERSUS 200,000 shares worth only $8,000.00 dollars after having spent another $4,000.00 dollars).
So, for an outlay of $14k dollars he now has $8k dollars worth of shares.

Yes he has the options now, but, will they ever be able to be converted.??

And that is, if he participated in full. If he didn't, he would be behind the eight ball all the way.

As I have stated before, I have participated not fully but partly only, in the hope that things will turn around. A big gamble that's all.

But it would be foolish IMHO, to think that we are not worse off than what we were before.