How can I put this. XAM is not run by idiots, they know how to...

How can I put this. XAM is not run by idiots, they know how to get a good deal, but that extends beyond running the company. They get a good deal for themselves too. For a well run business the board's incentives will be aligned with the company's. To quote Charlie Munger, "Show me the incentive and I'll show you the outcome". The XAM board has a decent shareholding, I don't think this is a "lifestyle company" for the BoD. However, whenever there is an unexpected capital raise with not much detail on where the money is going, and "working capital" is one of them, there's going to be a few raised eyebrows.
I'll wait for the detail, but my point (if there was one... it was mostly just banter) is that even the best directors will usually put their own interests first. As shareholders we need to keep a close eye on them, they may want a coffee machine, but we want an MRE. If we're lucky we may get both!