under rights price, page-3

The offer is fully underwritten and I suspect the underwriters would be keen to get there hands on as many shares as possible - so it may just be feasable that the price is sitting around 70cents to ensure minimal take up by the average punter and allow the underwriters to maximise their position.
There is also a few who might take a capital loss and probably come back in adding pressure to the SP.
The new Capital structure positions TSI in a much stronger position with yields from cashflow of nearly 12% based on current prices.
One should also consider that there will actually be three distributions over the next 13 months - if you get in at the current price this would equate to a yield of around 16% annualised.
I would suspect there is limited downside and being a defensive stock it is surprising there is not a little more interest at current prices.