Ann: Acquisition of Enoro and $50m equity raising, page-44

IMO all corporate capital raisings should include a rights issue for existing shareholders. Although not my preference the rights issue can sit alongside an institutional placement if necessary.

A companies board should give greater consideration to providing a equitable opportunity for existing shareholders (part-owners) to maintain their proportional ownership.

HSN are by no means alone in disadvantaging exisiting holders during capital raisings.

Although disappointing this issue by itself is not enough to change my positive view of HSN as an investment.