lets get this right, page-9

"As a result of the increased timing and completion risk associated with a potential SC55 farm out, Otto has restructured the previously announced $35 million capital raising (Initial Capital Raising).
The restructured raising (Revised Capital Raising) will now be for up to a maximum of A$31.5 million. The Revised Capital Raising will consist of the following:"

1. $5.2m - completed 27/3/09
2. $5.1m (7c a share)! ($4.3m to the 2 major shareholders & $800k to Otto directors.
3. A pro�]rata non�]renounceable entitlement issue (Revised Entitlement Issue) to raise a maximum of approximately A$21.2 million at a price of 5 cents per share, which will be underwritten to the extent of A$15.7 million

So I think you will find that out of the $31.5m that $5.2m + %5.2m + $15.7m = $26m has been underwitten - leaving just $5.5m to be taken up by the punters.

But I'm sure you have already read this.

Do you believe that these wont be taken up considering that OEL has been trading at a minimum 20% premium to the rights price?

If not I suggest that a dose of reality would serve better than the downers that seem to be going around.