Ravi old chap, you say "Why participate when I can probably buy...

Ravi old chap,
you say "Why participate when I can probably buy at 5c next week, but probably won't at that price either".
This is entirely your decision to make, but what you say is not rocket science. It has occurred to all of us who are in the same position, namely subscribe or wait and possibly buy lower after closure or possibly abstain altogether. But let me give you a reason to participate, a reason which is not rocket science either. If a significant number of shareholders choose your proposed path, then there will be a substantial shortfall, which will be taken up by the underwriters which include MacBnk. If this fits in with a MacBnk plan B, and this I do not entirely discount, you will be assisting in their success.
In my considered opinion.