"It seems inconceivable that Prestige Glory would pay more than...

"It seems inconceivable that Prestige Glory would pay more than double for a share that they can get in the market and that they could possibly get cheaper by renegotiating the rights issue pricing or ratio. "

Please explain how it is possible for Pacific Glory to purchase the number of shares on market they actually require.
Can you cite an example of a company that has reneged on its rights issue because a few retail investors ( for whatever reason) decide to dump their shares.???

Whenever the SP falls , the noise & fear mongering ( usually from non-holders)increases in direct proportion.
Pacific Glory is now holding >15 % , as far as we know Macquarie is happy to sit tight on their holding as well.