what does nil take up mean?

What are the implications of a nil take up of the offer?

Presumably the amount to be raised by the offer is fairly small bikkies anyway so the raising is not vital to the health of the company.

Rather it seems to be a way of letting existing holders in on the (supposed, if it ever happens) US joint entity.

Anyone want to speculate on the implications of low takeup? And on why so many of those who normally post here have gone quiet - potential breach of insider rules?