I think you need to realise though that when the issue was made...

I think you need to realise though that when the issue was made at 12.5c, the stock was trading possibly 10% higher. Now for such a stock, the discount was not significant in that all shareholders would have participated in the SPP.

It just so happened that the share price ran post announcement.
As I mentioned earlier, I don't think the directors did anything out of the ordinary here. If anything, maybe they could have made the announcement pre placement as it may have been able to place at a higher price.

Anyway, that's my opinion only.