I was thinking much the same jnikau, but then I thought I'm such...

I was thinking much the same jnikau, but then I thought I'm such a supporter that I might just be making up conspiricy theories.
I would suggest your view is correct, Macquarie agreed to underwrite this under the assumption that no "touting" of the issue would occur. They won't be picking up mine.

By the lack of action in the rights, I'd suggest that all holders that have made it this far will hold strong. Macquarie could easily peel off a few hundred thousand shares in the lead up to the the rights closing, the amount they could pick up as underwriter would be dwarfed by the amount they could pick up at 13c on the market if the share price is still sitting at 12c at the closure.

We'll see what the share price brings after the close of the issue, only way should be up.