Let's look at the logic. Say a shareholder owns 100K shares currently at 5.6c Any new shareholder coming in is buying at the nadir price and for 5.6c gets the right also to participate in buying shares from the company for 5c PLUS getting a free option. Lets say it's a 1 for 3 so the shareholder gets to buy ~33K at 5c, gets ~33k free options and then sells 33K for 5.6c to recoup his outlay. He then would have made a couple of hundred plus 33k ops. Now if the shareholder has a couple of million it begins to look very worthwhile. Should for some reason the sp revert to 10c before the issue it becomes better still. O.K. so the sp can fall below 5.6c.. but... considering the current state of affairs the odds are much in favour of the former. Another reason for the delay could be that the major shareholders (I.e. directors) need to stump up pretty big cash to take advantage of the offer and they don't have it available at the moment.
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