The share price has been in decline since the cap raise, so it...

The share price has been in decline since the cap raise, so it is no coincidence that the cap raise must be related to the fall in share price, along with the sell down / sell out from investment funds, for example, FIL investments. I wouldn't be surprised if other investment funds are also selling out to lock in profit.

If we look at the short activity from the 18th of February to 3rd of March, we can see that ~10.6% of all stock volume traded has been short sold, which amounts to around 2.9 million shares. On 17th of February, 1.11% (or 3.4m shares) were short sold, while on 3rd of March 1.53% (or 4.7m shares) were short sold. The difference (1.3 million vs 2.9 million), tells me that the short selling is not being done for defensive purposes, but to make a profit. Whoever is shorting is closing out their positions relatively quickly to take advantage of short-term volatility, and by the looks of things they're not finished yet.

The last 5 trading days has seen 2.1 million shares short sold or 27% of all stock volume traded.