That NC story is also fascinating, its own separate branch.
A 1:1:1 allocation could theoretically be a good way to approach the rights issue. A small number of shares at this stage to get the rights.
Then, you can try to complete the position by either buying subscription rights or the temporary new “driftwood-Intrum” shares, depending on which one gets hammered down the most.
Then in the third stage, you can finalize the position if things start looking good or if the stock gets dumped into the bargain bin.
I’m sure many (smartly so) are watching the chaos from the sidelines and will make their decision eventually.
Since institutions seem perfectly happy to let the share price crawl at this point, they probably either need solid proof of a turnaround or they simply assume they can get it cheaper by hoarding rights / after the offering when banks dump their holdings.
One can coldly state, however, that institutions don’t feel they need Intrum in their portfolios very badly. Intrum needs the institutions more, which is why that 20% “blood money” is included in the rights issue.
Granted, the new Intrum has 7.5 billion less risk, but the core themes remain: will the ship actually turn and can the current management be trusted? For all we know, the guys could do another offering next year to “accelerate” the process, no matter how much they promise to handle things organically this time.