I don't think it should be a surprise to anyone that if placees are offered a discount, that enough of them will take advantage of an immediate profit to make it painful for other shareholders. On the plus side, I suppose if you're a buyer then the cheaper they are, the better.
The reason usually given for placings rather than opening it to current shareholders, is that it is a bit more expensive and takes longer. If they need the cash quickly, this is the better option.
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