I would suggest the reason why the share price is at its current...

I would suggest the reason why the share price is at its current level is because the directors decided to be included in the raising irrespective of whether they are 708 investors or not, and this made the market uneasy. Therefore the market feels that it is not necessarily in the best interests of the company to have its directors participating in free options maturing in 3 years for a pittance. Had the directors really wanted to show how much faith they had in the company they should have bought their shares on market after the trading halt. It wouldn’t have cost them anymore for the heads, but unfortunately had they done this they would not have received the free options attached. Just like the rest of us. They knew it was coming, they knew the price and attachments and they chose to be in a prime position to benefit. Not suggesting anything illegal just morally unsavoury.
i believe the money coming in would be the same if it came from directors or other investors and If it was oversubscribed then others missed out. If it was undersubscribed for such a small amount and needed the directors to hold it up, I would not be giving too much to the brokers for a job well done. I know all board worshippers will follow the boards recommendations without question but I for one will be voting against as I see no advantage to the company or its shareholders and it certainly leaves a sour taste in the mouth of some long term holders who see their 20c options fading away.
who knows maybe by 30th June we will have some great announcements and our options will be in the money and all will be happy , but breath holding is not a worthwhile activity.