I guess NEA have never raised capital before for a listed...

I guess NEA have never raised capital before for a listed company, whether the execs have or not I don't know. Maybe it's a case of lack of experience in doing this, I guess they were thinking seriously about raising the capital, for all the reasons submitted by NEA, but they were very concerned about giving early indication that a raising was being considered, thereby crashing the share price prior to setting the raising price to avoid additional dilution.

So my conclusion is they were probably looking out for shareholders, by minimising dilution.