I am of the opinion that they have already received guarantees...

I am of the opinion that they have already received guarantees from the major shareholders that they will take up the offer and any leftovers.

That is the only thing that would make sense to me based on the way this has panned out. Based on this assumption it would appear as though they are going to generate a lot of extra profit for the major shareholders (which includes directors), when this thing eventually takes off. This would explain why the cap raising has come at such a low cost just when the stock was starting to rise.

I don't think that even the worst run company around would run a share entitlement in this manner unless a scenario as outlined above is the case.

All of this is only guess work but if it turns out to be correct then we will all profit, especially those who have held this from the lows this year.

I am going to go away from HC and BCN for a while (before I end up divorced and having to give half of my BCN's to the wife, lol), set a stop loss and then see what happens in the next 12 months.

GL to all holders.