Why participate when you can buy on market for the same price...

Why participate when you can buy on market for the same price (mostly) and a couple of times lower without tying your money up.

I would expect that most who intend to participate will wait until the last few days to see if they can get the shares cheaper on market before then.

Also if the offer is perceived to be undersubscribed, there will be those who will sell into any price above $0.18 knowing they can buy back at $0.18 under the offer and have a very good chance of getting full allocation.