New equity = (current equity + proceeds) / (old s/o + new s/o) = (21.63 + (26.56*1.00)) / (7.98 + 26.56) = 48.19 / 34.53 = $1.40 per share
Current mkt. value = $2.14 per share
All in cost = $2.14 + (3* 1.00) = $5.14 / 4 = $1.29 per share
Current cost (%BV) = 1.29 / 1.40 = 92% of BV
Looks like all else equal, buying a share here and fully exercising your rights (not counting over allotment), an investor is recapitalizing the bank with a full cost of 92% of BV (before fees).
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