Tunas Baru rights issue vs Minority Shareholders

In the last few days, Indonesian newspapers have published the controversy over PT Tunas Baru Lampung (TBL) rights issue plan to raise Rp365 billion with minority shareholders represented by Moscow-based VR Capital protested heavily.

It seems that the rights issue price offering at Rp155 per share that invited protests as it represent a 75% drop from IPO price at Rp550/share. Since the announcement of the rights issue plan on June 1st, Tunas Baru's share price dropped more than 40%.
The minority shareholders called it an abusive rights issue plan as you can see at the website www.tblashareholders.com. (This is may be the first time minority shareholders establish a website dedicated to protest such move in Jakarta Stock Exchange).
Below is the excerpt of minority shareholders arguments on why they reject Tunas Baru's rights issue:

The pricing of the proposed rights issue is abusive and the issue is massively dilutive: TBLA have priced the rights issue at 125 Rp/share, which is a 55% discount to the trading price at the time of announcement. They have proposed a dilution which could reduce your ownership by 70%. This deep and unjustified discount and massive dilution will wipe out what little remains of shareholder value for TBLA’s public shareholders if they do not subscribe.

Tunas Baru management argued that the rights issue had been approved in an EGM which means, legally, the process has been right. Where all these so-called minority shareholders were? "They should have rejected that early on," an investment banker said.

The respond from JSX to settle the dispute has been slow, I have to say. Today, JSX announced that it had written a letter demanding explanation from Tunas Baru, Tempointeraktif.com reported.
Explanation. That's it?

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