Boo!!! So Tony Fernandes and partner did a dare and announced a placement to themselves and the minorities bought it. Now we think the shares of Airasia is not RM1.84 but higher. (You see investment besides fundamentals is a perception game in the short run)
It is a voting machine in the short run, but a weighing machine in the long run. (Airasia had that moment in the last 1 year, where it started with GMT)
Despite Bursa approving the placement, will it get pass the minorities hands? At today's price of RM2.13, it is after all 16.1% [(RM2.09-1.80)/RM1.80 - after dividend] premium over the price they supposed to purchase at - RM1.80.
The founders will not be able to vote and Airasia has a largely huge free float. Will all these shareholders vote for the placements - which I think needs a minimum >50% approval?
Now it seems a rights is a fairer option - but not necessarily a preferred option for the founders and short term shareholders.
But do remember, stock is a weighing machine in the long run!