shareholders dudded, page-12

I don't think you understand how secondary markets work. A Placement is generally wrapped up in a couple of days and is a much more expedited process. To your point, if they were to do a Share Purchase Plan (SPP) instead for example it would a) take incredibly longer for the company to receive funds, slowing down their progress etc. and b) be a drag on the SP until the SPP closes. It's quite common practice for companies such as this to opt for a Placement. The fact they've at least included a Rights Issue on the same terms shows they value existing shareholders.