If the market price falls below $1.25 only an idiot will take up...

If the market price falls below $1.25 only an idiot will take up the Rights Issue and Placement. If the share price falls below $1.25 and remains there till 8th June (closing date) the Rights Issue and Placement is dead in the water. Then the ODFA deal is dead in the water

Usually companies that tries to raise a large amount on the Rights Issue means there was not enough institutional demand. I think with a 6 weeks suspension, WHA management tried to get money from institutions but could not do it. They likely only got commitment for $20m but with the placement conditional on the Rights Issue raising a minimum of $30m, its a strong pre-condition.