I read with disappointment that most directors of Singapore Airlines (SIA) had chosen to let their rights mandatory convertible bonds (MCBs) lapse (SIA directors opt not to subscribe for rights MCBs, ST Online, June 2) even though they have applied to take up the rights shares.

I have been a shareholder for many years and am not a person of exceptional means.

Despite that, I felt compelled to purchase the rights shares offered, but did not have sufficient funds for the rights MCBs.

There were two reasons why I subscribed to the rights.

First, out of a sense of duty as a loyal shareholder and Singaporean.

Second, I could not afford to let my holdings be diluted especially since I bought the shares initially at $14.

Yet according to the report, the well-heeled directors and office holders have preferred not to support the very company that pays them an income.

What kind of signal are these directors sending by choosing not to subscribe for the rights MCBs?

Gurdeep Singh