Anyone have any thoughts as to why a renounceable rights issue?...

Anyone have any thoughts as to why a renounceable rights issue? We have a limited interest from the market, very low trading volumes, a history of under cooked cap raisings and now we have a new one at an all time low for 2/3 value of the company. There is so little interest so why give holders the ability to trade their rights to take part who is going to be interested? The key assumption for me is that renounceable, tradable on the asx would be more costly then non renounceable so why do it?