1-for-5 22c is the real kicker for me.
I can see the heads trading at 32-35cents when it goes ex-entitlement.
At those levels, the rights will be worth 10cents/5 (1-for-5) = 2 cents on their own.
The higher the heads go the greater the value of the rights.
Once todays selling is finished, this will be back at 29/30cents in no time. It will be rigorously defended here.
Regards,
followme
