I think they are doing one for one and made it non-renounceable...

I think they are doing one for one and made it non-renounceable with an opportunity to shareholders to apply for any shortfall (note with the allocation of any or all of the Shortfall being at the discretion of the Company) as a reward for shareholders that they want on the register.

How many of those that are sceptical of the company's recent actions will look to take up their entitlement? Leaving a surplus of shares to issue as a "placement" with their preferred shareholders.