Here's one that might interest if you are looking for a high quality sharp end telecom company. I just bought 10,000 shares @ 3.34, funded by selling 1,000 BHP shares. Today it announced a renounceable entitlement issue priced @ $2.66, which dampened the on market price. The entitlement goes EX on Wed April18, which implies that buying any tomorrow would still entitle the buyer to participate in the 2.26 offer at the rate of 1 new share per 4 shares held on the record date. This is an A1 stock in the Montgomery Skaffold valuation system, and is currently valued at $3.62 FY12, and $4.56 FY13. However those valuations have not yet taken into account this new share issuance, or the added debt that will also be taken on. New shares and debt are for the purpose of a major acquisition (another thing that will change the valuation!) M2 pays a robust fully franked yield of about 5%, and the divvy has been rising along with the earnings over the last 3.5 years.