25% discount or larger if you take a weighted price for a longer...

25% discount or larger if you take a weighted price for a longer period is a bit of a kick in the guts for shareholders
If it was just to hold over until R & D refund it doesn't quite add up as you can borrow against pending R & D return at a lower rate IMO than discount applied to issue
Yes it is cheaper , quicker to do a insto issue and theoretically less damage to share price to knock it over quickly and get it out of way.
Good side is they have cash and that is the real point.
I hope that in the future managmenet respect small holders and in an issue offer them a suitable discount or option so they may have some leverage on the possible sucess .