more money than sense, page-30

That's the issue in these situations ownership is unclear. True there is that option but directors do have a fiduciary duty to all shareholders which they may be reminded of.
It all depends on people's intentions which we cannot know. I would speculate on a pro-rata raising underwritten by the large shareholder and with option for oversubscription on a pro rata basis.
If they want to takeover there would be a premium but speculating on takeovers is a super dangerous game. Presumably it's the reason for the share price lift from 30c.
I myself have never met a capital raising I didn't like so am extremely biased. It's all speculation until we see those results.