I thought the management did great on the last $2.4 million CR...

I thought the management did great on the last $2.4 million CR at 12c in October. If you look at the announcement, it was only a discount of 7.5% on 30 day VWAP so it certainly wasn’t at mates rate. Most were Singaporean and local investors.

Another good reason for the placement was that there were over 21.5 million unlisted options exercisable at 12c expiring on 30/11/19 which represents a potential $2.6 million to the PAA coffers, but only 205k were exercised from that. And another 20.25 million expired on 31/3/20 without any being exercised during the height of the market crash.
So in defence of the management, instead of relying on most or all options being exercised, the management got a guaranteed $2.4 million CR without giving away a big discount and issuing only 20 million shares. That sounds like a pretty good CR to me.