Ann: Non-Renounceable Entitlement Issue, page-7

I agree this reads really well, surely being an entitlement issue the ops will also be listed with the expiry date there will be a lot of extrinsic value on those ops. I'm staggered they can trade effectively cum entitlement today given the discount but am not complaining.

If you're liquid enough to fund the entitlement here it is hard to see too much downside. they will emerge circa 13m company (depending on share price ) with 3.5m in bank. could be a lot worse