1. What is proposed here is not a "rights issue". A rights issue would be made available to all shareholders. What is proposed here is a straightforward private placing of shares to selected investors (including Club 1872).2. The private placing can be made available to up to 150 people (maybe more, depending on how particular investors are categorised for prospectus exemption purposes - i.e. certain investors will fall into a particular exempt category and won't count towards the 150). In practice, these sorts of private placing are invariably made to far fewer than 150 people.3. A rights issue would require a prospectus. The cost (and time involved) in producing a prospectus is significant. You need to get it approved by the UK Listing Authority. You are talking £1m plus in fees and at least 8 weeks (tends to be longer than that) to go through a prospectus process. Neither makes sense for us at this point in time. Plus the take up from small investors tends to be minimal (slightly different dynamic with a football club I know, but even so).As well as raising new money (the main positive of course), the fundraising will have the incidental benefit to us of diluting other shareholders who we might prefer not to have on our shareholder register (the Easdales etc.).