tbe - whats this 12.5 cent trading pattern?, page-7

It's most likely NHC continuing their buying IMO.

They're happy to pay 12.5c so they're capping it both ways.

...and it helps support their investment in Dart so shareholders take up the entitlement due to the premium.

My guess is as good as yours and it remains to be seen what will happen once shares are issued.

A sell down is not a fait accompli either.
In many instances a capital raising to realise the obvious value of a company's assets results in a sustained rise in the share price.

Let's see.