It's normal to see a placement to S&I holders with retail...

It's normal to see a placement to S&I holders with retail holders left high and dry

It's normal to see a placement to S&I holders with a piddly token portion left to retail holders.

Usually in either of the above, there would be one announcement - and that would be the end of it.

In this case, S&I holders got $11.5m worth of shares, then three days AFTER out of the blue - comes a partially underwritten offer to retail holders. And an extra 30% above the amount initially raised is not a token sum.