Ann: Share Purchase Plan and Offers , page-4

you could view it in another manner, that the results due at the end of the month could press the share price north in order for an easier "sale of the offer" - ie it'll sell itself. you don't have to be a rocket scientist to realise at the current price levels, you do not need to purchase it from the offer but just from the 'live' market.

in terms of what will happen if they do not raise the full amount, by my understanding from the chairman's letter, the share purchase plan is underwritten by Patersons Corporate Finance (first $2 million anyway).