I goofed, this offer is horrible for SH, since their would be a dilution affect - as other have already noted.
However, does the 15% rule apply here? If so, then the coy has already issued a number of shares with the BON offer and this offer will now clearly exceed the 15% rule - so the actual number of new shares issued will either make up to that limit or at worst be another 15%?
why buy on market at 50c+?, page-23
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