Ann: Announcement - market update and equity raising, page-62

who can be sure, but I think there is a low probability that the share price will drop to $2.20 during this capital raising process.

UBS has done a good job structuring this rights offer, especially structuring the deal so that the rights are tradable.
This will help to creat a floor above the $2.20 price.

secondly all proceeds to be used to pay down debt.
this will drop debt by half and significantly de-risk the business.

if I was a retail investor I would probably subscribe and subsequently dump ( depending on share price in a couple months time).

that way I lower my cost base but still manage to not increase my $ capital invested