rights issue - a better way?

Can some enlighten me on the events leading to a 20 per cent fall in the Incitec Pivot share price today?
This maybe a stupid reasoning of mine but I'd like to know if the Rights Issue could have been managed more intelligently.

Why would a company report at the AGM a 199 per cent ($614 million) profit and then on the same day announce a rights issue at a 39 per cent discount? Logic tells me that such a profit announcement in this environment would be best announced first to gauge the market reaction and in all probability a surge in the share price. Then wait a week or two and announce the rights issue.

By doing both announcements on the same day Incitec has destroyed shareholder value. It is probable that the SP would have risen to $4.50 after this huge profit announcement.

Therefore they could have recalculated the rights issue at say a price of $3.50 not $2.50 and still delivered a big discount. This would have raised the same capital with less issued stock.

It does not take an expert to realise what happened today. Institutional Investors lapped up the $2.50 issue on Wednesday and sold them at a 25 per cent profit today thereby bringing the SP down 20 per cent. By the time us retail folks get the leftover rights the SP will probably be close to $2.50 anyway.

Rights issues are nothing but shareholder destruction, if we don't take up the issue we own less of the company, if we do take up the offer earnings per share and price earnings ratio are both diluted anyway.

Does anyone agree that Incitec management just got this wrong especially the timing of both announcements at once?

Cheers
DaveJ