2.8 cent placement

How can management justify a placement at 2.8 cents when most trading in recent months has been above 4 cents. Also most companies tend to arrange placements at 10 percent less than recent average trades. Even at the low 3.8 cents a 10 percent discount arrives at 3.4 cents.
They were not seeking a huge ammount and even if they wanted to give the company away at 2.8 cents, then I am sure the shareholders would of fallen over themselves.
I phoned the company and Patersons but it had all been snapped up. I wonder why.
Now we are faced with profit taking in the low 3s and will need a big rise in the POG to get this stock above 4 again.
A very disappointed shareholder