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Thank you. that was what I thought, But surely would question why any current shareholder would vote in favour of the rule 9 waiver, given that we now discover a recapitalised Metro is worth a lot more than the placement participants are getting it for. Presumably requires an anchor investor for an alternative rights issue?

Maybe a dumb question. But with SP at 50p and 172m shares in issue the implied MV is £86m. But we all know there will be 672m shares when the recapitalisation closes. So surely if you are willing to offer current shareholder 50p you must be valuing the business at £336m. which one is it?