My own experience has been that it is impossible to predict...

My own experience has been that it is impossible to predict which way the market will go in the short to medium term. Having said that, it is surprising how the market (US market in particular) is now pricing this as if it won't be a big deal. Even on the ASX most high quality companies, that are not impacted directly, are not too far off where they were before COVID-19 hit. CSL is the same price as before the pandemic and makes up 10% of the index! From what we are all seeing everyday there are going to be some serious financial reprecussions from the lockdown period.

So why are we all taking up the offering? Well the current share price in AUD is $5.57 and the SPP is at $4.50. The current price is almost 24% higher and we have the luxury of waiting until near the issue date before we hand over our money. Of course if the market crashes then perhaps it won't make sense to take up the offer and there is a chance the market will crash before the shares are issued. Still on a risk reward basis it seems attractive to me.