A lot of good points EvefletcherBut lets not forget that it has...

A lot of good points Evefletcher

But lets not forget that it has not been retail holders who sold the hell out of the stock for most of this year. It was not retail holders who were solely responsible for a massive shortfall with the rights issue. Sure they contributed to it. But the retail holding in PEX is just not large enough to result in the rights issue coming up 41% short. 

Management have roughly a 12-15 % holding in the stock. So a lot of skin in the game. It is not in their own interests to be massively diluting the registry with issue after issue of new scrip. They are not going to shoot themselves in the foot by doing that. There is a lot of self interest here on the part of management.