So if Tairui already owns 51% stake....They are givent the standby option to buy some or all of the rights to get the assured treasury boost of 11.212M.
Theoretically, that means if NONE of the existing shareholders did anything and bought shares at the discount, there would be a 75% ownership stake for Tairui when this was all done if I understand it correctly. They, as 51% owner, will essentially be in a position to control the price of the Rights and will be able to ensure that they can pick up whatever they want in this issue.
I guess part of me thinks that they are very certain that this is a good investment at this price and that is why they are going along with it. Part of me thinks they are trying to fleece the lambs and take away the rights (and create massive dilution) using the power of their 51% stake in the company.