I'm quite surprised at the initial sell off at market opening...

I'm quite surprised at the initial sell off at market opening today after the fund raising announcement, albeit on low volume. Is it just investors who misunderstood the placing announcement and believe the shares will fall back to $7.75 ? I would have thought people would definately hold until the Record date (1st Sept I believe) when they are basically being given 20% profit if they can raise a little cash to buy their allocated shares. I would expect the price to fall temporarily once the new shares come onto the market but I woud think this fall would soon vanish once traders and profit takers disappear.
My target is $15, then I'm out.