For those who don't want to put in new moneyand are considering about the rights offer. Here is the math example.
For simplicity, I will use simple numbers. Once you get the idea, you can work on your own case.
Let say someone has 1000 shares with a cost average of $1 per share (i.e.the initial cost is $1000)
They don't want to put in new money, but they want to average down by buying the rights offer.
So they sell 70% of their original position (700 shares) at 6 cents.
They now have $42 (700x $0.06) in cash and 300 shares left.
Using this $42, they can buy 2761 shares @$0.01521 (=$42/$0.01521)
So their new cost average, after the rights offer is: $0.33 (=$1000/(300+2761) shares)
However, the right offers for their remining 300 shares is between 2010 (300x 6.7) to 6000 (300x20), so it is possible that their rights offer is partically filled at 2010 shares (the least amount).
If so, then 2010 shares will cost them $31 (a rounded up number=2010x$0.01521), with $11 cash left over.
Their new cost average in this case=$0.43= ($1000-$11)/ (300+2010) and $11 left over (=$42-$31), which they can probably use to buy more cheap shares at the market.
As you can see, even in the case of the least amount (x6.7) filled in the rights offer, without putting in any new money, one can lower the cost average from $1 to $0.43 (or $0.33).
For those who consider selling all of their current position and then buy back later at the market, here is the math:
Selling all now, they raise $60 (=1000x $0.06)
if buy back at the maket:
at 1.521 cents, the cost average=$0.25=$1000/($60/$0.01521)
at 2 cents, the cost average=$0.33=$1000/($60/$0.02)
at 3 cents, the cost average=$0.50=$1000/($60/$0.03)
at 4 cents, the cost average=$0.67=$1000/($60/$0.04)
The risk is that nobody knows for sure what the sp will be after the news of the record date.
It's better, imo, to sell a part of the current position at 6-7 cents, and then decide later how to use the money (i.e. see which one, the rights or the market, offer a lower price after the news) for those who do not want to put in new money.
Hope that this is clear. GLTA longs!