At the start of the year its unit price was about 555c-695c. On April 10, when Redefine simultaneously announced its interim results, disclosing NAV of 582c, and the 10,69-for 100 rights issue, a pitching price of 620c must have looked foolproof.

The market was still surging. The unit price closed that day at 675c and for a time continued to advance. Redefine was so confident it didn't even arrange underwriting.

Sadly, the graph shows what happened next. By the time the issue closed on May 19 the unit price was down to 610c, below the issue price, so if anything it's surprising the issue was as much as 52,5% taken up.
However, Redefine CEO Brian Azizollahoff is unrepentant. "It'll have no impact at all on our plans. If you look at the unit price, it just seemed an opportune time to raise funds" (some might prefer the word opportunistic) "and the cost of underwriting didn't seem worth it.
"But other ways of funding are open to us. We're only 36%-37% geared, and that could go higher; there's no lack of institutional funding."
Azizollahoff points out that Redefine is still trading under cautionary.

"We're working on several very [his emphasis] substantial transactions, and we'll have no difficulty financing them."

So watch this space for further developments.