Short term yes, but sometimes management have to look at the...

Short term yes, but sometimes management have to look at the bigger picture. I am assuming some of the players that took part in this raise may be beneficial down the track when we need them.

There are two types of raises in my opinon.

The first is the typical P&D.. not always a dump but certainly a pump.. This is where the SP is pumped up to draw interest when the company wants to raise.. they then use the 'discount' to the SP as the primary tool to fill the book. I think this is what is happening with ENR and would be shocked if they arent in a TH this week (perhaps tomorrow) for a CR. Great for the short term share price (until the raise).

The second is when a large investor / broker wants to take a position and approaches the company. This is normally at a discounted price in lieu of the large investment and price and terms are set weeks out.. The broker then works the price down at range at which they can raise at the predetermined price. There is no pre raise pump to generate interest in the stock and subsequent raise, as the company fundamentals drive the interest... Think of WA1 having derisked with mets and mre now. This one is not necessarily good for the Short term price but no doubt better for the longs.

This scenario is why WA1 has reduced by $250m in the same time ENR has increased $250m...