Ann: Inca Offers Shareholders Rights Issue & Conducts Placement, page-56

And if you're convinced this smells like a T/O what would you do?

A few years ago I invested in a software company, which declined rapidly just before the T/O was announced. I blindly bought up heaps without knowing what was going on. The sp declined from 20c to 3.2c. Then the T/O surfaced offering 17c. Gave me a tidy profit.

During the sp decline I requested the company share register (which would cost something like $200 - $250 I can't remember the figure quoted) via email. And the company called me to find out why I wanted to get a copy of the register. I was not switched on enough to connect the dots, but T/O negotiation was going on at the time I requested the share register. If I had connected the dots I would have sold every other shares I held at the time and put everything in.