rights issue

Hi Folks !
Just noticed OLY has announced 1 for 2 rights issue to raise $5.4m @ 7c.
I dont understand much about corporate dealings so hoping someone might enlighten me about this ?

In order for TTY to maintain its 64.76% stake in OLY, TTY MUST take up the issue , ie $3.52m worth. At 7c, that is a 3.3% premium to the 10c takeover offer ?

Smart move by OLY ?
Certainly not good for existing OLY holders since the shares were trading at around 7c before the ann. Cant see anyone taking up the rights at that price?
But TTY forced to ?

Can TTY buy more of the rights that get dumped on market to increase stake in OLY ?

I dont have a clue !
Just more doubt !

i see red, i see red, i see red