Ann: Emefcy Announces China Strategic Advisor Agreements-EMC.AX, page-45

Hatmopit,
the answer to your query may be there in your words. Yes the offer was "heavily oversubscribed" at 64c because 64c was a comparatively very low figure, very attractive and probably deemed necessary due to the manipulation down of the share price by the big boys.

Particularly after the manipulation down if the placement price been set in the mid 70s the take up almost certainly would have been nowhere near as successful.

Yes smaller shareholders in the short term do suffer but we're just cannon fodder and for the larger shareholders who are skimming their 10 or 20c it's money for jam.
Maybe if in the future there is another CR the company executives will take note of the larger skimmers and treat any bids accordingly but let's not hold our breath on that.
Happens all the time, business as usual.

regards, EB