renounceable rights

CR in progress.
Shares went ex rights on 4/8 and are trading as BSER, last trade 0.2c (0.002).
Who would pay for rights to buy the heads at 55c when they are offered on market today at 48c? I guess that the rights are a short dated option since you don't have to take them up. Or a way to build a position without moving the market.

Since BSE have traded below the exercise price since they went ex rights, I wouldn't give this much chance. Also, at the current SP, the rights issue is likely to flop or be withdrawn - it's only 40% underwritten and that probably has an out clause - thus there'd be another CR at a further discount.

So I expect BSER to trade 0.001 soon unless there is a positive announcement.

Last day rights trade is 7/9 and issue closes on 14/9.
Any thoughts on up-side here?