I wouldn't get too hung up with the short term movement in the...

I wouldn't get too hung up with the short term movement in the share price, however, the underwriting brokers undoubtedly have an interest in seeing the share price remain above the Cap Raising issue price as they won't want to be left holding stock. Furthermore, AAC are now going to need every cent they can prize out of investors as the live cattle issue is going to cost them dearly one way or another.
The live cattle trade was the key profit making and growth aspect of their business. They were hoping to expand this trade in Indonesia and pursue new markets in the Philippines and Malaysia. Problem is, these countries will also be scrutinised for their abattoir facilities and it is likely that any moves to export to these countries will involve a lot more infrastructure and monitoring from Australian companies, if it happens.
In my view, the 4 corners revelation will involve a considerable change to the live cattle export business model, if it survives, and this will result in a significant cost to the cattle industry, including AAC.