Is this management any better?

Looked at my watchlist to see IDT down 29%!
Went to their website and no news was posted.
Eventually found the news of the $5m placement at a huge discount to the prevailing share price.
Wouldn't be so bad if these shares were offered at this price to share holders that have been loyal to the company and endured a long period of mis-management and a share price firmly in the toilet.
Instead, this management has just legged existing holders by letting a bucket-shop broker place new stock with so called sophisticated investors.
Existing retail holders just got hugely diluted for being loyal to this company and the price is going to be weighed down by these new punters likely taking stag profits if the share price can rise anywhere meaningfully above 6.5 cents.
I really like this company and was willing to give it the benefit of the doubt, but now I'm not so sure. I'm truly getting sick of crap management that believe they have a clue what they are doing let alone acting for the best interest of all shareholders.