Yes (the price is $1.50) but the impact is that the first notice reduced the dilution existing shareholders were facing from the new issue now you are faced with 2 events:
1. Everyone notes that the shareholders have not grabbed the new shares even after the discount.
2. The recalculated NAV goes up as the dilution isn't as large.
So at the end of the process, you have to decide why management went to all this trouble and whether the company will benefit from new cash. Plus you have to take into account that there are p[lacement fees payable to brokers who place to new shareholders.
I am interested in this one as I don't think it was necessary to raise the funds and I am interested to see how many shares the brokers were able to place...
Ann: BKI Announces Entitlement Offer and General Offer, page-26
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