Ann: Minbos Investor Presentation - Angola Rising, page-427

Whilst I hear what you're saying, in reality it doesn't work that way.

For example
NHE has been trading in the 9.5c to 11c range last 10 trading days.
Today they offered a SPP whereby shareholders could buy at 9c and get 1 (20c) option for each 3 shares they buy.
(note the exercise premium to current and the 1:3)
Today it closed at 8.8c down 0.9c and below the offer price.
Who is going to participate in the SPP when you can buy on market cheaper?
The company will be lucky to raise anything
btw I don't hold - just an example.