Ann: Entitlements Issue Prospectus , page-16

Been in things like this before. It's often the case that there is a sell off after the issue and the share price may actually settle below the issue price until the company actually establishes that it is going forward.

The sp is now getting towards its low point for the time being, but if it follows a general pattern for these things it will reduce down towards the issue price in the last few days for taking up the issue. This is usually because at the last moment, people who have been hesitating to take up their rights decide to sell them at the last minute creating a buyers market pushing the price of the options down. This also tends to push the sp down to be about the price of the issue plus the market price of the options.

Afterwards there may be selling pressure from those who think they have overloaded and want to get rid of some. Even the underwriters may want to unload some if there has not been a large take up by shareholders. It is also "not unknown" for these kind of guys to unload some into a soft market to push the price down so that they can pick up more from other investors at a price below the issue price.

TAM investors between a bit of a rock and a hard place. Take your chances! imo she's going down further before it's all over.