The lender's shares traded at $1.65 today, 12 cents higher than before the December 12 halt in securities for placement and 3 cents higher than on March 13, when that capital raising closed.
They have gained 37 per cent over the past year.
Heartland said in December that the capital raising would allow it to further invest in digital strategy and ensure it had sufficient capital to support that growth.
The bank has been investing in data analysis to "more precisely" target its customers and has put resources into supporting digital origination.
Midgley said an accelerated rights offer, where the institutional portion could complete before the retail offer, would have been "fair to all shareholders."
Heartland Bank did not wish to comment.