The issue isn't PLS it's more around regulation of the...

The issue isn't PLS it's more around regulation of the Australian Governing bodies like ASIC, they can only offer the capital raising to the Sophs due to law and SPP to retail investors which is caped at $15,000, this also helps to protect the company from any possible class action where a bunch of retail investors may have bought 50% of their entire asset pool in PLS and lost it or whatever other possible reason.

If you are a Soph and fit the definition I think it was 2 million in assets from memory then either PLS would have contacted you, or you would have had to contact them and raised your hand to say I would like to participate in cap raising which was over subscribed.

And the final point is that if the directors didn't put their own cash in then it would show lack of confidence moving forward.
Also note there are a few rules around buying and selling of stocks for directors so it is easier for them to purchase under a cap raising or exercising options which are sometimes priced lower than the cap raising and people would be complaining even more.