is it two placements - not one?

i re-read the ASX release re SPP and Placement.
It says that MOS made a Placement of 94.74m shares to raise $10.9m

It then says:
"Directors of the company have also subscribed to participate in a Placement on similar
terms. The Directors participation is subject to shareholder approval which will be
considered at the company’s Annual General Meeting on 24 November 2009."

That seems to say that the Placement is a seperate placement to directors on same terms ie 11.5c.
That placement is to be put before a s/h meeting.

I am a s/h in MOS with a good number of shares. I was not called by u/w because my holding is in two names.
I rang MD to complain that existing sh were being diluted by the placement, and that ALL s/h s/b treated equally, and that a pro-rata rights issue would be fairer.
His reply was that it was too difficult and placement was easier.

The point is, why should directors get special access to a placement, when existing s/h do not ?
Why should directors get this special access to subscribe for shares at 11.5c when most s/h do not?
I recall that many of directors don't even hold shares in MOS.
Its funny - now they are presented with an oportunity to make a quick buck, they suddenly want to become a s/h!

If the directors only propose to subscribe for $15,000 worth, then I will roll-over. If the SPP is scaled back, then their "placement" should be a swell.
They should do NO BETTER than the existing, about-to-be disenfranchised, shareholders.

cheers