Ann: Appendix 4D and Half Year Report, page-8

So...

		Shares	Value	Price per Share	vs Last Close	vs After Issue
1	Last Close	210,792,810	$201,096,341	0.9540	0.00%	-10.96%
2	Newly Issued	84,317,124	$50,590,274	0.6000	-37.11%	41.57%
3	Cost of Issue	-	$(1,012,000)	-	-
4	After Issue	295,109,934	$250,674,615	0.8494	-10.96%	0.00%

Example of taking up the offer if you held 10k shares, taking the "cost" of current shares to be the price at close and assuming their value as is above (which ignores the impact of results, just accounting for the impact of the capital raising).

			Cost	Value After
1	Shares	10000	$9,450	$8,430
2	Newly Issued	4000	$2,400	$3,372
3	Total		$11,850	$11,802

So if you take up the offer you're theoretically no worse off (except for the $1m cost of the raising itself), but you've had to put 40% more cash in the kitty and you won't get (and be able to trade) your shares until the 2nd of April (ha), four weeks after the institutional investors get theirs (and who wouldn't cash in some of those tasty gains)?

That's ignoring the impact of the results, which were not exactly wonderful.