there seems to be a lot of criticism of the company which almost...

there seems to be a lot of criticism of the company which almost suggests that it is EQR Management who are categorising shareholders into "the priviledged" (ie the 708's or sophisticated's) and the "ordinary, ordinary holders" because holders are not getting a chance to participate in the raising

In fact, it is the Australian Securities & Investments Commission (ASIC), the market regulator, who do this under section 708 of the Corps Law - not EQR.

Put simply, Section 708 requires companies to go down a detailed and lengthy path to ensure full disclosure of all risks etc are made to investors or participants in a capital raising UNLESS the participant is able to qualify as a sophisticated or professional investor by meeting the criteria, as mentioned previously, ie. net assets of $2.5M or $250/- income for 2 years (the test).

If they meet the "test" criteria, and they can obtain an Accounting Certificate from their Accountant to attest this, then the investor passes this on to the broker/manager of the CR and he can then participate in the offer.

As I said, this process is determined by and regulated by ASIC and it is the most common and quickest path available to companies raising funds