Acreage, it has nothing to do with Novus. This rights issue needs a prospectus and shareholder approval as it breaches the 15% shares issue under listing rule 7.1, so blame rests solely with GGP for the lack of urgency.
The original announcement was rushed with no timeline and even no cutoff date. Presumably they will have a record date set in the future to allow people to buy on market and get the entitlement. It's the best way to get maximum take up. Realistically an SPP might be more successful than a rights issue.
But pricing is a real concern. Sophs are good because it all happens fast and seamlessly. This one has been botched imo. Announcing it early, maybe due to IG/EGM pressure. But in doing so the market instantly fell from 0.6 to 0.5 and now battling to stay above 0.4
When you announce CR, it needs to all happen fast or it's a recipe for disaster.
the rights issue, page-9
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