If you're a current owner of the stock that implies you value the percentage ownership of the company higher than the amount of cash you're able to exchange that ownership for (the market price). If your percentage ownership is reduced in exchange for an even smaller amount of cash (ie. the portion of the capital raising equivalent to your percentage ownership of the company, because the company you own part of now has more cash) then necessarily you will consider yourself to be in a worse position after any capital raising, because you valued the business higher than you valued the cash, and now you have less "business" and more "cash". There's only a small number of exceptions to this rule
GXY Price at posting:
$1.96 Sentiment: Buy Disclosure: Held