first of all - if you buy the ELIN NPL's at 3c, you will be doing someone a huge favour! The NPL's are worthless in this scenario. A NPL is the right, but not the obligation, to buy more ELI shares at R1,10 a share. But since the share is trading well below the rights offer, you shareholders are all screwed, IMO, just take the 40% dilution on the chin - or, if it were me, I would be offloading now. Makes me wonder what the underwriter was thinking - can't see anyone taking up the rights offer - so Mazi Capital stands to take a 30% stake in the company - added to their existing 17%. Seems a rather expensive way to take control of a company, IMO