Ann: ICI Raises A$10.5m in Oversubscribed Placement, page-57

But the free options have an ex price of 22c so they're either not expecting a big rise (50% above pre-raise price & below 52-week high), or they are expecting a big rise & they have set themselves up to cash in even more. That's 50% in two years! What insider is not going to be happy to jump in? Hence the oversubscription.

I have no doubt there will be some good announcements coming & we will all be happy with the returns, but it doesn't change the fact this this was not good capital management. It could have been done at a higher price & without such generous options for insiders and the Lead Manager.