Ann: Redflow undertakes capital raising to deliver on growth, page-7

The absence of an institutional offer is interesting, especially as the rights will not be listed on the ASX. This could indicate:

A) The bookbuild resulted in little interest (if there was a bookbuild), or

B) Directors and key shareholders hold significant number of shares and do not want their holdings diluted. (And Simon may have prepared for this when he sold a significant number of his holding). The Ann. says "...eligible Company’s Directors have each agreed to participate in the Entitlement Offer." Note the "each", but it does not say what part of their entitlement.

I'm opting for B) as the likely possibility, but then I'm an optimist.