call me suspicious but

Thinking more about this issue of shares.
Why would they be capital raising by issuing more shares ONLY to the existing holders?Is this a psycological game management is playing? to make us all think we are getting a great deal that should not be passed by.

Why should it matter to management who buys them.
Also the sp has been up and down for a long time and who knows where it will be in 6 or 12 months ( hopefully up)but could very well be below the 0.11
Also close today 0.13 and the offer expires in March in which time the traders may have brought it down to below the 0.11
The way the ann came out is naturally making me suspicious.
How real are their contracts.Hope its not like with PT ( and ady)If the contracts are in place then what are there problems.
Can someone give me an insight as to my queries
thanks.
I'd like to know Malmanus opinion