What is SYDR? How does it work? Can I sell SYDR?, page-15

There is fundamentally no difference between option 1 (20 Aug) and Option 2 (2 Sept) other than the close off dates.

Some would argue that it’s better to wait for the later date before committing to buy at $4.56 because while it looks attractive right now with the underlying share price around $5.40 there is always the chance of some catastrophic event between now and Sept 2 that sends the SYD share price spiralling below $4.56.....the ‘right’ to buy at $4.56 is then worthless so you wouldn’t go through with it

That said, I’ve already bought my allocated shares under Option 1 just to get them tucked away - pretty confident there will be nothing short term that makes the rights issue price look anything but great long term value.

Good move by SYD management this rights issue - shores up the balance sheet and as such has been well received by the market.