There would definitely be issues if taking up shortfall resulted...

There would definitely be issues if taking up shortfall resulted in a change in control i.e. if SB ended up with 50+%. Cannot imagine that the foreign investment review process is applicable.

The reason this is important is that SB is the largest shareholder and I cannot imagine they will allow another party to take up a bigger position at a 25% discount if all they have to do to stop it is ensure that the $4M potential shortfall is covered (to get to $12M target). Plus they get closer to a cheap takeover (large increase in % held without a formal takeover at a premium).

If investors can have confidence that AHZ will hit their cap raise target without a massive fee (even before the infusion sale) then we should be reasonably confident that the share price will go up above 8c after. Assumption is that the low SP reflects the risk that AHZ will run out of money in the short term (at least partially).