Speed is the consideration - if this was offered to shareholders as a rights issue, the process would take easily 2 months vs 2 days to raise the money before year end holiday.
This is very positive for long term and short term prospect of the company IMO. Dilution is not important. E.g. do you want to hold 1% of a small company or 0.5% of billion dollar cap company ? no brainer here, this is growth stock , not a dividend stock, there is no need to worry about dilution.
DYor.
Ann: ICI Raises A$10.5m in Oversubscribed Placement, page-35
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