And this is exactly why companies don't do rights issues. For it...

And this is exactly why companies don't do rights issues. For it to be effective it has to be renounceable, and even then you still need to consider having an underwriter in a sheet market.

It's all well and good to say they should have done a renounceable offer at say VWAP which was 27.5c or thereabouts. Then what happens? Banksters push it under that mark, noone takes up their rights. Can't sell them because they are out of the money and the same people end up cleaning up anyway. End outcome is essentially a raise to SI's and Insto's 10% higher and we save ~16m shares of dilution or 2% of the register but it takes longer and costs more in all likelihood

Not enough retailers have Esh's commitment. I don't disagree that mamagement should reward shareholders but if shareholders don't back you up then it's hard.