I'm not sure where you've seen that it went to existing...

I'm not sure where you've seen that it went to existing shareholders and not new? The Equity Raising Summary just said: "Placement to eligible investors of 17.455m new fully paid ordinary APZ securities (Securities) at $1.33 each, totalling $23.2m: - represents 15% of existing APZ securities on issue" I couldn't see any reference to them being existing investors only or limited to 15% of their current holdings. The 15% here is simply the 15% of existing shares newly issued which is the maximum they can issue without getting shareholder approval.

From the 20 August ASX announcement: "David Dixon, Joint CEO of Aspen said, “The Placement was strongly supported by existing
institutional securityholders and new institutional investors..."

Anyway, not really a concern for me whether they were new or not. I would have liked to have seen the offer made to all shareholders on an equal basis for the new shares, and then extended to new investors if their target raise not met.