They still should have done a follow up rights issue or SPP to...

They still should have done a follow up rights issue or SPP to other shareholders - a placement without a rights issue or SPP is only when there are major issues. I'm happy for them to do a placement to build up institutional following. However, these guys will continue to need money going forward for exploration and studies regardless, so let existing shareholders choose whether they want to be completely diluted or not. They've just favoured insiders and mates, and punters on the outside are treated like mugs. Either that or they are lazy and can't be bothered to do rights issue or SPP.