Actually the dilution is only for those who do not participate....

Actually the dilution is only for those who do not participate. Those who participate can probably have an opposite position.
If we consider that the raise adds 20% to the shares on issue, any individual who subscribes for 20% of their current holding will not be diluted. Applying for 25% or more of your current holding will give you a higher relative holding.

I do understand that not everyone can participate, but this offer is the first time retail holders have an opportunity to decide if they wish to be diluted or not.