martin place securities valuation

So in January 06 Martin Place Securities ( the underwriters of this rights issue) , did a valuation of IGR at 30 cents per share , when it was then trading at 18 cents.
Now 10 months later they are involved in fund raisings and company advising at 10 cents per share , which they get a fee for.
WOW , thats interesting.
Still can't believe with so much drilling on the way , the company does such fund raising before results are known - or are they?