"f there had been a better deal available to GTC, they would have taken it."
I wonder why rights offerings are so rare in the US? By this I mean, the GTCB would distribute short term warrants to purchase its stock at some below market price to its shareholders, say, $.65 or .70 when the stock was at $.90, exercisable in one or two weeks. (Since the current offering is the equivalent of issuing stock for around$.57, given the warrants, the equivalent rights offering price would be quite low).
The concept is that there is dilution but the beneficiaries are the current owners of the business, the shareholders, not some institutional investors. The warrants can be made to transferable to allow those who lack the funds to exercise to sell them. Sometimes one can find (for the appropriate price of course) one or more institutional investors to agree to purchases any unsold rights. Maybe this is not practical for a company like GTCB, but it is not clear to me why that is so.
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