Even with a 38c offer on the table it wouldn't surprise me if SP drops back even to 25 or 24 cents to match the rights issue.
MOD has endless sellers if the past year has been anything to go by, and if buyers dry up, or even hold their orders in anticipation of the price going lower, I can see a retrace back down. It would be in pattern with how MOD has traded, even despite any background good news..
The shame in that is it makes 38 cents or any future offers seem more 'fair', when we we should be trading plus 40cents anyway where any type of fair valuation is concerned.
