institutional placement - rip off

It seems there will be no SPP for shareholders (the genuine and only owners of this company), instead there is an underwritten placement for "the big boys, friends of the directors and other smart money club members". I wonder when ASIC is going to close the door to this constant rip off to shareholders.

How is it fair we own the company, and they(directors) place new shares at a significant discount to the current share price (after days of obscure share selling to push the price down, as mentioned by another hotcopper member BEFORE the placement was announced).

This maffia stile behaviour MUST stop, I know their excuse is always the same "well when the company needs money in a hurry the only easy way to obtain it without causing damage to the share price is an instos share placement". That is not the case today, the bank debt is ZERO, and I am pretty sure the small shareholder would have supported an SPP in the same conditions the big friends of the directors just got.

I will be contacting ASIC raise my concerns once again on this abused rule.