The irony here is you dont do retail shareholders a favor by...

The irony here is you dont do retail shareholders a favor by giving them first bite of the rights issue and up to 100% of it. Good way to engineer a shortfall, especially when the near term upside catalysts are limited and/or uncertain.
Better off hitting the Instos/sophs first to instill a bit of confidence into the offering, then let the vocal minority whinge about that while the retail offering still falls a bit short anyway.
Asking the Instos for 1.8cps now will be difficult with the sp now trading at that level.
DW has been an astute market operator to now, so I will watch with interest how this plays out, always learning......