Ann: ICI Raises A$10.5m in Oversubscribed Placement, page-33

Yep agree with CrazyDave here.

If you're an investor (as opposed to trader), you need to look at the medium/long game and this is beneficial if they can use it well.

10 million is a lot of money and I would rather look at the fact that they were able to raise that (someone transferred that from their account into this company) then what some may think as poor treatment of existing shareholders.

Yes we could have be given the right to buy what maybe ~10K of shares at 14c but if you're really that worried about dilution you could have topped up at 14.5c just about 15-30 mins ago. Hell you might even get the opportunity to top up at 14c in the next few days