Actually, small shareholders tend to be a lot more capricious...

Actually, small shareholders tend to be a lot more capricious than large, strategic investors, who, by definition, are in for strategic reasons, rather than a quick trade. They also have a much larger position so it is difficult to dispose of their holding and more times than not they have done considerably more due diligence on their investment than small retail investors. I've got no problem having a tight register with the T20 owning 70%+ of the listed shares. Additionally, all shareholders were given an opportunity to participate in the SPP @ 5.5c and the uptake was poor. The on-market price leading into the closing date didn't particularly favour 100% uptake but therein lies another reason why institutional and sophisticated investors are a more efficient means of raising capital. They don't quibble over a couple of ticks because they know that trying to buy that many shares on-market would lead to a big price rise.

My one and only complaint with this raise is that I can't currently see how it is in shareholders' best interests to raise $4M now, rather than, say, $2M now and $2M later when, hopefully, the sp is a fair bit higher. But I'm also prepared to reserve full judgement until more is revealed and give mgmt every compliment if there is more at work behind the scenes that regular shareholders aren't privy to.