Looks to me like the market has decided that the rights issue will not be sufficiently supported. This seems a pretty grim outcome.
I agree that management have failed to deliver on promises of cashflow and profits (in an admittedly difficult environment). But there is still a growing business here that seems like an easy target for a good, focussed strengthening. Someone will eventually do it and reap the benefits. It may be too late for current shareholders though, if the rights issue does not find support. And I cannot see it being achieved while Ross Green remains at the helm.