Ann: Entitlement Issue Prospectus, page-36

At the 1 for 13 eligibility and the number of shares on issue, ever single holder would have had to take up their full entitlement for the company to meet the target $3.1m at 7cps. Just do the math.

offsetting that
there was the option for holders to take part in the shortfall
and the shortfall underwrite

given the negative sentiment it was pretty much guaranteed there would be a shortfall and that it would be the sub-underwriters and/or holders who applied for the shortfall who would be adding to their holdings at these lows, and adding to the proportion of the company they own.

It just struck me as a means for a decent buy at what may be a bottom, for those lining up for the shortfall. And those that do will now get more stock and a greater share of the company now, due to the reduction in price for the raise.