What am i missing ?, page-5

I hope not since all a placement will do is dilute retail investors (like me) who buy shares directly through an on-line broker. If they need a CR then a Rights issue or SPP is a much fairer way of going since this is available to ALL shareholders. The general way a placement goes is that the company talks to their mates in the institutions (and also other "sophisticated" - actually not very sophisticated just a lot of money) and directors and bargaining goes on between them on the discount provided to the VWAP vs certainty in taking up a slice. Once a deal is arrived at (to the detriment of retail shareholders) then the institutions ring their clients and pass the shares on to their clients (with a big margin to the institution). All a placement does is to reward the institutions (i.e the fat cats). I will be voting against this motion.