Pacific Andes Rights Issue

Pacific Andes Resources Development Limited is having a Rights Issue of up to 1,676,303,452 new ordinary shares at an issue price of S$0.14 for each rights share based on the basis of 1 rights share for every 2 existing ordinary shares in the capital of the company.

Pacific Andes also just declared a divdends of $0.0108 which is a pretty neat amount considering that the shares are now trading at less than 20 cents.  If one checks their CDP account, you should also notice that the rights shares should already be inside for trading at around $0.02 (today's closing price).

I don't really like Rights Issues for shares since it literally takes money out of my pocket.  But I am tempted to subscribe for this issue.