I am assuming you weren't asleep when WPL raised recently,...

I am assuming you weren't asleep when WPL raised recently, right?

As based on your logic, you were diluted and you would have left WPL.

The fact is: every single company that is listed on the ASX and even some outside it, need to raise capital or have raised capital, at one stage or another.  This is what public companies does, in order to expand and add value for their shareholders. 

Even the banks or the Gov of Australia raise (they raise taxes when needed).

The issue is Not whether they raised, the issue is whether after the raise, whether they can add value.  That comes down to the quality of management and a bit of luck with the drill.

CVN raised last year at 13 cents, and applied the funds to drill Dorado and PS3.  After Dorado discovery, its SP went as high as 69 cents.   Now, which shareholder did not benefit from that raise?

The SP has since settled around 30 cents. Which means all shareholders who took part in the raise last year, still benefited. 

Last week, CVN raised at 33 cents and at the end of the week, its SP rose to 37.5 cents.   Again, have shareholders not gained despite the raise?

The difference between a CVN and a WPL is the level of Risks, not whether it raises capital and dilute shareholders.