Ann: Rights Issue Closure and Shortfall Notification-CM8.AX, page-4

The teaser of the options probably didn't have sufficient appeal given they have no secondary market (i.e. they're unlisted), hence most people seeking shares probably just bought on market below the RI price.

At least if Dom and Theo stump up the full amount for the shortfall as sub-underwriters the shares will go in to safe hands (and DJ's won't be paid an underwriting fee). For that reason there probably won't be a massive overhang from this raising, unlike the $0.25 raising for the Track acquisition. That at least gives the SP some room to move until it hits headwinds in the $.20's.