Cowdery's Resolution blazes a rights issue trail

Clive Cowdery hasn't made any money yet for his investors in Resolution 2. But at least he has produced a model that cuts the costs of rights issues by allowing direct underwriting by shareholders. Resolution is something of a special case (it has a few very big City investors) but any other company raising capital via a rights issue is now obliged to consider if it can copy the idea, at least in part. Comply or explain must be the motto.