It's good and bad. The share issuance of its own value is bad as this creates dilution of earnings, thereby driving down the value of the existing shares (instead of sharing $100 with 100 shares, we have to share with 110 shares).
However, it is good because this share offering is to finance the acquisitions announced earlier in the summer, which are expected to add to earnings immediately. Lately, share offerings have been for "general corporate purposes", which leads to dilution without any visible gain.
SLC said they would make a share offering, along with some hybrid debt offering, to finance these acquisitions, but the official word only came out on Friday, which is why the shares are under pressure.
For info on the share offerings and hybrid debt offerings, check out globeinvestor.com and type in slc-t as the symbol. Andrew Willis has written about SLC three times in the past week, with details about the financing deals.