As management (i.e. the directors all have significant holdings)...

As management (i.e. the directors all have significant holdings) of MMR stock, they would most likely want to minimise dilution so they can get the most bang for the buck (closer to that 170 uplift rather than for example 10). In some cases in pays not to rush these capital management initatives and look for the best possible outcome. An example would be the BAU capital raising where thy got 50c a share when the share price was 26.5c...I thought wow, whoever is buying in knows the real value and is willing to pay up for a piece of the action where all successful SPP are usually at a discount to share price (personally I hate dilutions via SPP).