With $10+million worth of Director's shares sold in January 2018...

With $10+million worth of Director's shares sold in January 2018 a few questions need some answers:

When did the Directors become aware of the need for a capital raise given their results announcement and conference call 5 weeks ago?

Why have they decided that their existing shareholders who have supported them through the last two capital raisings would be cut out of this one?

With $18m cash and $6m available debt on 31 Dec 17 and after reassuring investors of "positive underlying EBITA" last month how the hell do they suddenly need another $25m?

My initial impression of the new CEO and CFO was that they seemed competent.
I am now wondering if I was too hasty in my judgement!