Perhaps the proxies received were overwhelmingly against the resolution hence the cancellation of the meeting.
You have to wonder how a placement offer of $2+ can evaporate so quickly. Wasn't a fax message regarding assistance with an inheritance from Nigeria was it... ;-)
A rights issue needs to be made attractive to existing holders with a free attaching option or something..The 2 year share price performance hasn't been much fun for existing holders thats for sure..