Ann: Share Purchase Plan Offer Booklet, page-54

Participating or not participating in an allotment can most often be a confusing exercise and doesn't become any easier the more experienced you are or the more frequently you get to deal with these opportunities.
You first need to think about the company and whether or not you believe it's going to grow generally and part of those thoughts should stem from the use the company will make from the cash raised through the Capital raising.

So there's your first problem. Their plans for the use of the moneys raised hasn't been made clear.

These guys haven't been going all that long so reviewing and interpreting their financial performance isn't easy. They've done very well so far but will the trajectory continue. Belief in this company for most (certainly for me) is based upon their great first year and the anecdotal evidence from customers who talk about the great service. Great service is easier with a small customer base and usually becomes less great as the size of the customer base increases. Unfortunately, their next quarterly report, the first for this current financial year is not due out until a week or two after the allotment exercise has been completed so any attempt to look for a further strengthening of their growth trajectory is lost.

Your "current leaning" towards "HOLD - don't buy" may need a bit more thinking.
Assuming all the long that you can find the cash to participate in the allotment, if you don't think you should BUY at $4.00, then I'm not sure it makes sense to HOLD at $4.80. Not BUYING infers a belief that the SP will drop to or below $4 in which case it would make sense to SELL now.
If you feel the SP will remain above $4 then it may make sense to participate as best you can in the allotment and, then, when the dust settles, look at your holding and reduce your stake in the company to a percentage of your total share portfolio that befits your perceived risk linked to ABB.

I personally think the company's future will support the current SP so at this stage I will participate in the allotment but I'll wait, as I mostly do until nearer the cut-off date so that I can better consider the sense of paying $4 per share i.e. maybe the SP will $3.75 by the end of the month.

PS - I don't believe the SP will be below $4 at the end of the month - just a precaution. That delay may cause a reduction in my allotment but you never quite know how these things work out.