Not necessarily is this equitable. The $180m placement was made to existing and new investors.
Therefore new investors subscribed for shares at a discount to market price, these are shares that ought to have been available to existing shareholders.
The most equitable raising is by rights issue, available to all existing shareholders. And make it renounceable for those without the cash to participate, so they can be fairly compensated.
FLT SPP, page-41
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