Although a shock, this is old news. Refer to SENS 07/04 AND 15/04. They are issuing shares to cover approx 58% of the $300mil convertible bonds due next year. Some pertinent points from the rights offer is "976,206,906 new common shares to be issued", "A$0.25, 14 pence, or ZAR 2.41 per Rights Issue Shares(depending upon the register on which the shareholder holds its common shares)" and "Ratio in which the securities will be offered- 2 Rights Issue Shares for every 1 fully paid common share held". A final decision will be taken on 15May as I understand it.Typical of AQP management, they are being pro-active in dealing with the debt issue now rather than wait till next year although there is still a further $128mil bonds too deal with and I don't quite understand why they made the rights offer so cheap. Either way, as Simon says. when the NIL's get issued act right away. I hope this helps.
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