they are not shares - but a right to buy shares at the issue price of 27c. That right is tradeable - and can be sold for 1c (if there are buyers, which I doubt). The real question is would you take up the rights offer? My 2c worth - you have a company here that is trying to raise more than twice its market cap in a rights issue. you will have to pay in twice what your current holding is worth, just to keep the same level of exposure. If you don't, your shareholding will be worth less than one third of what it is currently worth. So if you are not going to take up the rights offer, then you should sell now. Again, my personal 2c worth - you have been given a get out of jail free card here - with some eternal optimists still willing to take these things off your hands at the 20c - 26c mark - you should take that offer while you still can
