This is my fear of the secondary. The last secondary offering was also priced significantly lower than the spot price. This secondary pricing doesn't automatically lower the price of the stock per se, but the resulting actions of those who bought from the secondary lowers the price.
Here's why. People buy 100,000 shares from the secondary at $13.50 and then try to sell as much of those shares in the spot market for an immediate gain. All of this selling puts pressure on the spot price and it decreases. Basically the old supply and demand issues at work.
I believe the argument for the secondary offering is that it gives cheap capital to ANH to then put to use to increase earnings, etc. So I guess it depends on your view. Short term this doesn't seem to be a good thing. Long term it is a good thing.
Since I'm not at LT capital gains rate yet (won't be till end of June), I'll stay for the ride. If I was at LT capital gains rate however, I would seriously think of selling now and then buying after the secondary.