Not so much screaming conspiracy, just that it seemed to fit...

Not so much screaming conspiracy, just that it seemed to fit that management would fund this one.

They have to realise they have not performed this past few years (with regards to shareholders opinion anyway). They need to keep the lights on, but dipping into funds from a raising below current SP would be a disaster.

If they themselves get the wallets out, they can 'sacrifice' and pay a premium to the SP. In the process they receive some shares to mitigate any potential losses. For 400k they have received about 300k in shares anyway (at current SP), and they can continue to balance the books and pay their salaries in the process.

Insert pats on the back all round.