I completely agree this exercise reflects poorly on Peak's...

I completely agree this exercise reflects poorly on Peak's network of "sophisticated investors" but it is what it is. Sophisticated investor at this end of the market is really just code for flippers with connections. A lot of them have accounts here and on twitter etc. Happens all the time, it's just been more apparent here given the second tranche needed shareholder approval prior to issue. Peak still have work to do of course to extract the most value out of their own involvement.

None of this hinders BCC's prospects though so long as they make good use of the extra capital they decided to take advantage of.

The price was never going to bid while there were new shares to be issued. While it would have been nice to get hold of shares at the full discount it's been a good opportunity for new holders to accumulate.