The manoeuvre is by large institutional investors driving up the...

The manoeuvre is by large institutional investors driving up the price for say less than $2M (last 2 days turnover), increasing the closing price and VWAP.
The company will offer the capital raise at X discount *typically 10-20% discount) to VWAP usually to this institutional investor for say $50M.
Really cynical people think that the profit is to insiders who sell a small amount into the initial price rise and the profit is to the institution who gains access to large swathes of shares for pretty cheap at a fractional cost compared to their offering.

If you already own a bunch of shares like the major shareholders, it really doesn't change much to add a few more. Whats a few million between friends?