Fair enough JB, several placings have followed that pattern I realise. I regard this as somewhat fantastic, however. Uncertainty vanquished, funded, income, profitable even? Where else on aim such a fantastic deal at the price? If you're right about 20p, the back if the sofa will receive attention.
I regard buy-back as the opposite to placing. One is concentrating share value when you have funds not required for business activity. The other dilutes share value for activity otherwise unfunded. Imo neither is inherently better than increasing, or reducing, divi.. Horses for courses & one size does not fit all.
Placing or cutting dividend are usually better than borrowing; as for lending out surplus funds forget it.
The dent in confidence is not just a paper capital loss to holders. It makes the company an extreme bargain for a predatory takeover. Still, at least a biggie would be able to keep future sensitive news under wraps.