The positive I see from removing the 7.5% FIIG loan with yearly...

The positive I see from removing the 7.5% FIIG loan with yearly bottom line savings of $4.8m in interest is a smart move. Allows them great flexibility as an extra benefit for something EPS accretive.
From another perspective, why do a raising at a higher price after confirming all going well(which they quietly have) if your main shareholder is considering a takeover down the track. This way you get a 1 in 4 increase, chance to pick up shares from people who do not participate and how blue is the sky if the class action turns out to be "nothing".
I also do not think there is any chance of a takeover offer but you never know. Its all now about growing the book with minimal debt.