I don't like it. They've reduced the NAV per share from 150p to 109p through dilution. It's probably good for the company, but I can't be bothered with them any more. I don't see that they have any competitive advantage, and even after all this dilution they're still saddled with £1bn of debt. I sold this morning at 42.5p. I'll look for a better long-term home for my money.
Update 9/5/09:
Just realised (well, my broker informed me...) that the ex-date to qualify for the open offer was yesterday, so I can still take this up if I choose. I'll see what the share price does, but at the moment it's at 37p, so I would gain 12p per share, raising my effective sale price to 54.5p.
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