Management are always in a cleft stick with cap raises - present...

Management are always in a cleft stick with cap raises - present it as a fait accompli and face the b*tching of all those who missed out on the few % discount that they wouldn't have taken up anyway; or invite everyone and have the share price immediately fall to the CR price or below it, with the result that no-one takes it up because they can buy shares cheaper on market and meanwhile the share price has settled at the new lower level.
In the overall scheme of things it matters SFA to longterm shareholders whether or not they average down by a few % by participating in a CR. If you want to buy shares, there is a facility for doing that 6 hours a day, 5 days a week. I recommend it to you.
Meanwhile, it seems to me that management would not be doing a CR at the moment unless the offer was attractive to the company, either as to price or because it brings in a heavy-hitter or a business opportunity. Then again, I believe in fairies.