The whole idea that a company should "defend" from takeovers...

The whole idea that a company should "defend" from takeovers rather than meet their fiduciary duty and embrace them is crazy. Having said that I agree with your assessment.
Dawney made a lot of noise without substance but the directors can't have enjoyed that.
The rights issue seems attractive to me, I will apply for the full 30,000 shares and as I only hold 65,000 shares expect to increase my holdings slightly as a result. So I am as happy as Larry.
Is this enough funding for them to develop Waitsia themselves, that would seem like a good outcome. Then they could develop AAL when the price of oil blasts back up to $100.
Could be quite impressive for long term holders.
GLTA