Existing SH's were hit hard financially by the MLC transaction....

Existing SH's were hit hard financially by the MLC transaction. The AFR article is pointing out that ASIC allowed IooF to execute a transaction under the guise of the COVID waiver, without taking the deal to SH's, as they issued 300M new shares. The deal took advantage of a temporary ASX measure to relax its rules to help companies raise vast sums of capital quickly amid the COVID pandemic. It is a clear misuse of the ASX waiver, as it was intended to assist companies during the COVID downturn, not allow them to finance a corporate takeover.