capital raising

Here we have the chairman asking shareholders to support the capital raising but he himself saying he won't be taking up his rights.
What kind of signal does that send to ordinary shareholders even if the board say they are unanimous in supporting this capital raising?

Why no debt raised, would have cost a lot less than 5% in up front fees? and not diluted some shareholders. They have $60M in net assets after all.

Looks like two shareholders will control the company

All reflected in the current sp I reckon.