Should it have been done this way, page-2

I agree with you Sam and said the same a while ago. As I pointed out in an example of $15,000 limit is that Constable, for example, receives one share for every six held whereas someone with say 30,000 shares would have recieved 4 shares for every 1 held. In most capital raisings the SP will fall, but not as radically as ANP. IMO Patterson's expected the SP to hold above issue but still pick up at least 30% at a bargain like the options. No doubt it was they who recomended this process but it was ANP's management who agreed.