"On an equivalent basis, that original share after the dilution is now worth 9-9.5cps for a business with the dams earnings"
Your math is seriously flawed:
last traded price before the capital announcement was made was 14.5c.
new stock is being issued (to you, as a shareholder) for 11cps
how can the weighted average share price be lower the both the pre-announcement price and the price at which the new stock will be issued?
The accurate way to look at this is to calculate TERP of 12.9cps, and you as a shareholder are being offered the chance to add to your holdings at a discount to this level.
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