recent share placements by aui and dui

Thought the LIC fans out there might have an opinion on this...

AUI and DUI recently carried out share placements with 'professional and sophisticated investors', offering shares at a 5% discount to NTA. AUI raised $66m and DUI raised $53m.

Although I'm not an investor in these companies, I'm disappointed that they have shortchanged their shareholders by offering the 5% discount to these 'sophisticated investors', thereby diluting everybody else's ownership. Their reasons for the placement were also concerning:

(1) to increase liquidity: BUT as buy-and-hold investors, we all know that liquidity really isn't that essential

(2) to enable expansion of the investment portfolio without having to sell long term investments: BUT why couldn't they do a pro-rata rights issue, which would have been far more fair for existing shareholders?

I'm concerned that other LICs may follow suit. What are your thoughts?