While it would be great if every holder of 2000 shares applied...

While it would be great if every holder of 2000 shares applied for 30,000 new shares and got them - in practice this would be taking the piss wouldn't it?
How many of the 17,000 shareholders are hardly worth mailing the offer documents to? Can you point me to an oversubscribed offer where this has happened in the past?
May as well try it on but with the offer so far below market they will hold your cash and give most of it back. Just a few weeks/months ago you could have bought as many as you liked from willing sellers in the 40c range.
Hardly anyone was interested.
The chummy deals are reserved for instos and outside shareholders - the rest of us got the shaft on this one good and proper. Don't assume there's any method to their madness, pure self-interest and self preservation I would say.