I may be missing something here. At the last capital raising on...

I may be missing something here. At the last capital raising on 21st.December 2012, two of the existing major shareholders, plus a new major shareholder, TTI NZ, paid a 12% PREMIUM over Wolf's 30 day VWAP of approx. 24 cents. i.e.27 cents. for 75,378,519 shares. Following the placement the share price actually rose and has generally continued to do so, apart from a dip to 22 cents last June.
That CR was to take the company to 'The commencement of the construction of the Hemerden project'. Which is where we are at now.
Once again this CR is expected to be through at least two of the existing major shareholders who already own a considerable number of shares. We automatically presume that the price will be at a discount to the 30 Day VWAP (46.5c?)but even at 10% that is a price of 42cents (A drop of 7%) so what's with this 17% drop on the FTSE?. Why are the Poms panicking?. I would have thought a successful CR from major shareholders, who knew it would be due about now, soon after the commencement of construction, would be a highly encouraging vote of confidence.
At this stage I certainly see it that way. Am I missing something?