I'd really like to get confirmation of whether there is a 1 for 6 rights issue on offer to MAK holders.
I just checked ASX Rule 6.22.2 and the news is (very) good. If there is such a rights issue then the option exercise price will be reduced so that option holders will benefit to the same extent as share holders. The formula for MAK0 is:
PO - (PS - PR)/(N + 1)
where PO = current option price = 30c
PS = average share price before entitlement = $2.70 (approx.)
PR = price of rigts issue shares = $1.50 (guess)
N = number of shares needed to get one rights shares = 6 (guess)
With the above numbers the new exercise price will be 13c!!!
whats up with mako, page-6
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