SG Money Tree: Sino Grandness Rights Issue

I sold my Sino Grandness shares at 0.37 when they first announced a rights issue. I was planning to hold the cash to buy some shares back after the rights issue but my hands got itchy after waiting for so long without any news, I decided to buy some at 0.33. A week after they announced the amendment of the rights issue with some ridiculous terms and the price dropped all the way to 0.21 which is the new rights issue offer price.

I am still holding. This is a stock which I have been buying since I started investing and I've seen it go from 0.50 to 0.23, and to 0.79. I've always maintained a core position because I believe it was undervalued. Well, there are a lot of red flags but I feel that it's worth the risk. At least I'm not gambling with more than 10% of my money.

Now, the first time they announced the rights issue it was underwritten by UOB at a commission of around 6%. Huang also undertook to subscribe for his whole allotment. This time there's NO underwritting, and Huang will subscribe for a variable amount of shares subject to the amount of uptake. I'm not an expert, but this is really disgusting. What are they thinking? If they really need the money, how will these terms ensure they get what they need? There seems to be some cashflow problems at the company. I am getting mixed feelings about this counter.