As a BON holder the thing that surprises me is the timing. I was pleased to see the improved offer to 1:9 which had the scope of making acceptance more appealing. If the intention was to encourage final acceptances to compulsory then they were on the right track. However, following that up with a rights issue seems to make little strategic sense to me.
Surely they would have been better off holding off on the rights issue until they saw where the 1:9 got them to? From my perspective the improved offer now only treads water which is disappointing. Perhaps that was the intention ie the rights had to go out now so they needed to improve the BON offer.
why buy on market at 50c+?, page-26
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