what a joke, rights @ 1 cent, page-3

I applaud the idea of using a rights issue rather than stupid SPP or heavily dulutive external funding and they should have done this many months ago.

On the other hand I find it odd that they calculated the offer price based on the market price for the period ending 7 April. We are now in mid July so the offer price bears no relevance to the current market. A very strange thing to do.

If they really want the cash they should make it a 1 for 2 @ $0.005 in order to encourage holders to actually take up the offer. Not sure of the ASX fees for making it renouncable but that would have been nice also if the offer was worth anything. As it stands the offer seems worthless and thus the ability to trade your rights currently seems irrelevant.