I know what you mean, but still inefficient in that that underwriters would be better off buying the rights at the cheaper price. But that would not serve their purposes (in getting the issue over the line) as they would otherwise get a pasting. Just so interesting to see observing from the sidelines. Wish I knew someone that would lend me a few hundred thousand PEB shares for a few weeks.
I just see the "underwriter" bidding 400k at 13.1 got taken out. What they going to do with those shares now? Not much bid left...
crazy, rights available at 1 cent now. Even bigger arbitrage opportunity. This company is going to be fully owned by NZ Instos shortly.