IMO the 1:1 offer is not intended to be fully taken up by...

IMO the 1:1 offer is not intended to be fully taken up by shareholders, as :

1. there is no sweetener like a free attach option. etc.
2. It is not renounceable.

They are hoping for a large shortfall which they can place with institutions.
They would have served shareholders well if they had thrown in an option, but this and the prior raising indicated the board favours non-shareholders. Obviously they believe that the dont have enough instos on board, and they may be right.