"is it valid to apply chart analysis whilst ignoring a dilutive share placement which, (using FKP as an example), tripled the amount of shares on issue".
Yes. Your question seems to be looking at subjective fundamental analysis whereas TA (chartist) will look at what Major has suggested "current reality" (price action and supportive vol). From my experience those that focus on the TA tend to have significant advantage to rest of market (including those that focus on FA and broker tips) due to discipline & focus.
There is some great reading available on this topic.
FKP Price at posting:
44.1¢ Sentiment: Buy Disclosure: Held