Yes - your post is on point. (Apologies for slow response...

Yes - your post is on point. (Apologies for slow response here).
That does appear to be an incredibly generous rights issue, for a pretty low hurdle. (Raising $100M over the next 3 years).
And we are not taking about a small kicker here. But 18M shares (+7% to SOI)

Your post also prompted me to read the remuneration report. Which is not typically something I've review (probably to my own peril!)
And there are a few concerns in the Annual Report.
For example, issuing the STI on a TSR of 4.5% (well short of hurdle, but it was a tough year on the markets).
Termination benefits looked generous to the heads of credit (very short tenure)
Curiously, the head of credit also received a $250K long term cash incentive. (When he wasn't even an employee in 2017 when this was issued).

So that the MD, CEO, CFO all made $1m+ in FY22. Yes, a great year given the IAP transition was a bumper profit.
But a few surprising actions within it all, that some might consider exceptionally generous.

Zooming out, it is also surprising that employees who are making 7 figures, need to be provided bonus shares, and long-term non-resource loans to purchase shares. Could they scrimp and save some of their (lavish) salary to buy their shares on-market, like us retail schmucks?

Yes. There is some disappointment