I took up my allocation plus the 5000 maximum allowed extra. On...

I took up my allocation plus the 5000 maximum allowed extra. On the surface they look good - conservative capital management, long term management, etc. My concern is that their major shareholder passed away a couple of years ago and they might have lost some of their direction/guidance as a result. Recent capital raising seems out of character as they have very low gearing and plenty debt coverage. I know they have stated that the raising was to pay off debt incurred in the recent purchases of WA businesses, but seems very poor form to have a raising at a considerable discount to market price, without any genuine need to raise capital. I suspect it was to increase the proportional holdings of directors and friendlies at an attractive price.