unacceptable circumstances for rights issue

IMO Shareholders of CGV should very carefully consider whether or not to support an application to the Takeovers Panel that the proposed CGV option issue is unacceptable due to its ratio and pricing as it is a prelude to a compulsory aquisition of voting shares by Paterson's sharholders and is unfair to other shareholders, particularly those that do not take up the offer.

IMO, given the closing share price on Friday (3.5cents) and the proposed CGV option price ($0.002) and that it is fully underwritten by Patersons, who would have sub-underwritten this option issue to those sub-underwritters who underwrote the rights issue back in April/May, this is a freebie to those Paterson's sub-underwritters and will significantly disadvantage other sharholders who do not take up their options. This is highlighted by the fact that CGV are issuing a 1:1 option at a massively discounted price.

Does anyone else have any thoghts on this