SPP, page-22

Do you think they could have bought 15% of the company on market for 50c a share. The point is not the premium to market it's the depressed shareprice at which the raising occured.
The could have issued rights pro rata like TWR, STO and CDD - the last three I have been involved in. That's the only fair way. There's plenty around who would underwrite such an offer, judging by the number of unsolicited takeover offers the company receives.