i think that rights issues and more so SPPs (back of the envelope stuff) is the destruction of your capital into the pocket of the underwriter ,sophisticated investor. companies live within your 15% capacity ..the top20 should be immediately alerted that this is the signal for capital destruction and time for the directors to be given a shake up. I think I am so angry this morning because I am like a hibernating bear that has been woken out of season. where have I voted for a rights issue or a SPP ..so we can have a rights issue or a SPP in any year, as well as issuing shares to the 15% capacity without shareholder approval?
Under 10c a Bargain!, page-130
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