On face value you raise a reasonable point but the assumption...

On face value you raise a reasonable point but the assumption behind it and outcome is wrong.
Per page 129 of the 2013 annual report there are 28,350,000 Aug 31 options, the note goes on to say that 28,000,000 are owned by Yandal Investments (Creasy)
So Creasy gets diluted by the recent $3.82 placement and then restores his position somewhat at 60c.
With the exception of Wall Strreet going ex dividend in a major way, SIR may suffer some indigestion following the CR pre next Nova drilling but hard to see a Dump.