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Rox..
You maths is fine.As you surmise what the company spends the money on is key.This affects sentiment, ie how the market views the company post -rights. Rights funds can be used for a variety of purposes eg to buy another company, either a competitor , a supplier , a customer or a related business, in that case the SP will depend upon whether the market believes the purchase is a good one (accretive in the jargon), if they do SP rise, if not......
The money can go to retiring debt , when interest rates are high clearing outstanding debts with equity is seen as positive to cash flow hence good, SP rises.
In this case the cash is clearly as a bridge to subsequent solvency, IAG is losing money and needs to survive until it can return to profit, as the alternative would be bankruptcy, then good.....unless you fear that it is merely delaying the inevitable then bad....
IMV IAG is hoping/planning to cut costs dramatically (around £2.5 bill pa is staffing, around the £3 bill is fuel,)total is ~£10bn pa, but much of that is traffic dependent so they will be reckoning that this funding is sufficient to see them through to a return to profitability.If they are wrong they are stuffed, shareholders will NOT cough up a second time in the near future.For my part I think this funding is enough (unless Covid is still around in 18 months time) and other airlines will go bust before then, notably the big Americans, Norwegian and Virgin.
There will be a shakeout in the airline industry and I think IAG will survive it. but then WTFDIK

Newbie , next week you should see an entry in your account showing something like "IAG nil-paid rights " at a price of maybe 50p each. You can sell them at that price in the normal way.

We are actually back in conventional territory now. The rights issue applies to all who hold shares at the close of play tomorrow and the TERP is based on today's close of play price.
SO, holders can buy 3 for 2 at ~84p (slight variation depending on the Euro :£ exchange rate)and those who hold and take up their rights will have 5 shares costing(2x200p+3x84p) = 130.4p per share .
You can assume that next weeks opening SP will be somewhere close to that.
Your decision should be based upon whether you think the future SP will rise or fall from that based upon all we know .
MY plans re based upon the following:
IAG's revenues over the last five years have been £22-25 billion, income has varied from £1.5- 3 billion, EPS 70-150 p
Those figures are historical and may not be recaptured for some time, BUT if you believe , as I do, that life will return to something near normal eventually , and have patience, then IAG at a market cap. of ~£6 billion,and a PE(in Normal times) of very low single figures is a buy.
I will be buying a few tomorrow and taking up the rights with a view to holding for 3-5 years .

It is very unusual to announce a rights issue without a qualifying date but It would appear that the stumbling block is approval by the Spanish government. Today's announcement does not give a link to the prospectus which is how it would normally happen and the sentence "A prospectus is ........expected to be approved by the Spanish National Securities Marketing Commission... is the key.
Without a prospectus I do not think that IAG can specify a qualifying date so it is in the future.
In normal circumstances the SP would have fallen very sharply today as the price would no longer include the rights to discounted shares , so the market is clear that the shares are NOT ex-rights yet.
Unusually shareholders have the opportunity to bail out now at today's price or to accept that holding gives the right to partake in the issue but the consequence of a sharp fall in your existing holding when the SP does go ex-rights SOON.

Correction line 7 "for every existing TWO shares they hold"

Hi Guys, to seek to explain todays RNS in simple terms I offer the following summary.
The forthcoming share issue is "fully underwritten " that means that the companies arranging it have agreed to buy all the shares , if any, not bought by existing shareholders.
The issue is "pre-emptive" that means that only those holding shares on a specified date , not yet announced can partake in the share issue.
The qualifying date for the issue will be announced as part of the prospectus due "in the coming days"
Holders of the shares on that date will be entitled to three new shares for every existing share they hold at a price of 92 euro cents(~about 84p today)
So if you hold two shares at today's price ie 191 p as I write
and buy 3 new shares at 84p
you will have
5 new shares at a cost of 2 x 191p +3 x 84p = 634p and 634/5 = 126.8p the "theoretical ex-rights price" or TERP.
So taking up your rights will buy you , ostensibly 3 shares for a discount of ~36% BUT of course the impact on the final share price will depend upon the markets reaction to the news , at one extreme bad because IAG are raising a sum of money equal to more than half their market cap. but good because this might be seen to finance the company until things improve.

Foxy..
see
https://www.cdc.gov/nchs/fastats/anemia.htm
for US statistics, at the mo. it is treated in many cases by a lengthy transfusion , maybe twice a year, at a cost typical of the US medical system in the thousands of dollars, paid in party by medical insurance and partly by the patient.
STX's oral solution will save many hundreds of millions of dollars as well as improving the health of hundreds of thousands of people. It is a pretty big deal and today's news makes it significantly more probable.

Good news. There is an enormous addressable market for Ferracru, ~2 Billion people have an iron deficiency and tens of millions in the developed world who will be treatable by this product. Today's move is likely to be magnified several times over in the next 1/2 years as the scale of potential sales is recognised .A US deal could(will) stimulate sales of several million annual doses and at $50 per annum per patient the numbers are enormous for a company currently valued at about £110 mill.It's not too late to buy a few.

I am by nature a cautious investor and hold a fair proportion of bond funds which while very stable now do well to produce a return of low single figures pa. Even if the Ofgem proposal is implemented as specified, it sets a floor of 3.9% pa on NG's returns, and I am pretty sure they will contrive to better this as they have done consistently for years .That, coupled with the recent falls make NG a secure investment , dividends will continue to flow and those searching for income(both funds and PI's) will ensure capital appreciation of , say 10-20% over the next 2/3 years, that'll do for me.

Major point missed on this thread?
A REIT (real estate investment trust) is exempt from UK tax on income, provided it pays at least 90% to shareholders. So if/when NRR returns to profit(and it will) It MUST, by law, pay 90%+ of that as a divi, that's why I am buying.

I sold out of these at 1055, for once in my life catching the top (nearly). My reasoning was that they had had a good run for a low beta stock and I expected a reversion to mean. While they have fallen quite a lot they are still only off 10-15% in a 30% down market, they have security of revenue and a very large "moat".In addition they have significant debt which i would expect them to be renegotiating as I write.They should be able to bring debt service costs down but may well also have pressure to cut prices from the US/UK govs.
I will be re re-entering her progressively over the near term as I think there are few better havens in the storm.

Genghis I assume that the break even price includes ALL the company's costs ie direct extraction costs and indirect other costs of the business.It is described as FCF b/e .I haven't looked at the accounts for some time(but will soon)
This is my source:
https://ftalphaville.ft.com/2020/03/10/1583832439000/Markets-Now---LIVE---Tuesday-10th-March-2020/

As per BMO(a bank of Montreal subsidiary)HUR have no hedges in place and their break even is $35 bbl.
BMO suggest that HUR DO NOT have a liquidity problem in the next three years and their NAV (currently assessed at 46p) falls to 40p at today's oil prices.

HI, I bought in here as part of a broad portfolio and in part because I thought that in buying SXX(regardless of the morality/legitimacy)they had pulled off a sound deal. In addition, I was aware of their Palladium production and that developments in S Africa are inclining towards AAl being able to extract some of their substantial profits In SA Rand to balance off against their debt elsewhere. I had also noted that they are in the middle of a prolonged share buyback programme.
That programme doesn't look so clever now as they have taken millions of shares out of circulation at prices >£20 ie a 25%+ premium to today's price. It will be interesting to see whether they carry on the share buyback and indeed whether they carry on the SXX development as planned .
Additionally AAL have suffered a couple of "misfortunes" in mining and processing and events have conspired to frustrate them(how many SXX holders have been sticking pins in effigies of Mark C?)
Today's sharp falls, particularly among miners and oil producers has lead to suggestions that those co.s will batten down the hatches , reduce capex wherever they can and hold what cash they have for opportunistic buys as weaker co.s go to the wall.
I will be adding here at these levels as I believe that the world will, after the current crisis is over , need AAL's products and that as usual today's and recent weeks gloom will disperse over time.

Polygon winding down their CFD position . As I suggested some weeks ago they took a low cost punt on a 1p+ rise in the SP either before or after the vote. They were brave enough to hold until after and will have cleared a few £mill. in profit for a couple of weeks work.

Yuri as someone who has lived on his investment portfolio for well over 20 years(and regards that as my "job") I am happy that I understand what I'm doing.BUT for others, relatively new to investing, any investment portfolio should start from a sound base and well-chosen funds earning a little more than the rate of inflation are both a base and a cushion.Once that is established and after real, serious analysis of how the markets work, investment in individual shares is only then a sensible strategy.

There has been much chatter on this board about how to recoup losses from SXX. Today provides an opportunity to begin that process, BUT don't buy an aim stock, especially not this weeks" hot stock" , nor even a ftse stock , buy a broadly based equity or balanced fund . If you believe that at some point , in the future , maybe a year or two in the future, the markets will have recovered(and they have recovered from every fall)you will be rewarded by a profit.
Treat investing as a means to improve your wealth slowly , but steadily, rather than playing the lottery, remember there are 1100+ stocks on AIM of which a handful make short-term large profits , the likelihood of picking the right ones from a sample of four or five is small.

Geghis I suppose that it's the stranded assets thing that (slightly) bothers me.I don't hold with the view that Oil usage will fall sharply within the next few years but it will, eventually plateau, because of the pressures from environmentalist and exerted by investment co's being seen to go ESG.If HUR don't extend beyond Lancaster for 2,3,4 years (and think that's possible )then we may be getting to the stage where only the ultra- cheap oil is extracted and that means middle east.

I read the RNS as telling us a few things directly and a few more by implication.I will address only the latter.
We know that Centrica are seeking to dispose of spirit and thus it may well be that Spirit are seeking to tidy up some loose ends and extricate themselves from their commitment here.It is therefore (to me) fairly obvious that the initiative here comes from Spirit not HUR.That could have been read as a lack of confidence by Spirit in the strategy, in the light of recent drilling decisions, and thus puts HUR in the position of fending for themselves and incurring greater costs.
It also seems , to me, that it is the next step in a reappraisal by HUR of their medium term future and that future is to focus on the lancaster find . In the short term that is good news but I fear that it calls in to question the prospects for the wider extraction from the Rona ridge .It is odd that the 20k comes as an almost throwaway last line , without it I think the SP might have tanked. I have built up a moderate stake her at sub 20p average but will seriously consider terminating my interest if I can escape with 20-30% profit.

Conventionally most price- sensitive RNs's are issued at 7 am. At the moment the vote counters will be checking(and double checking) the numbers, particularly of the shares vote , which might amount to several billion and in this instance the number of PI voters will possibly be an all time record, so there may be several thousand individual votes to count.
Once that is done and scrutinised and agreed, the RNS will be drafted and that may well need to have a comprehensive summary of actions needed if, for example, the headcount is no and the share vote is yes.Both SXX and AAL will have legal teams resolving and agreeing any next steps and as suggested it is possible that they are negotiating a way out of the impasse created by Polygons blocking vote(anyone in the Sloane square area could pop round and see if the lights are on at 4 Sloane terrace!)
This is a more than usually complex position and I think the players have IIRC until about 3 am to get the RNs to the LSE ( the real one) for publication at 7 tomorrow.
I am not sure but I would think that stock exchange rules would insist on a 7 am publication- it is an understatement to say that It will be interesting!