9 for 10 renounceable issue - cr @ 50c, page-23

the major 'risk' factor to me is why didnt the directors and associated companies not support the rights issue.
Why didnt they buy in at such a 'cheaply' discounted rate.

(remember if you are a major shareholder, it doesnt really matter if there is a significant discounted rights issue, if you subsribe then your % remains constant, just look at the tv 10 rights issue, packer is all over this).

I just held a tenniebopper holding before the rights issue, not even worth my time filling out the application form relative to my total share holdings. But did buy on market at a price near the rights issue price.

Want to be bullish, it looks good on paper. But again WHY DIDNT THE DIRECTORS PARTICIPATE.

Reminiscences of a Stock Operator is preventing me from going to hard core on this stock. Ive got some, my average buy in price is within 10% of the rights issue price.

I will just sit on the side lines now.