new offer?, page-4

Take the Roslyndale offer:

There's just over 1 billion shares today (fully diluted) valued at $90 million all together. With a 1.5 for 1 rights issue plus conversion of some debt to equity there will be around 3 billion shares, most of which were acquired at .66c through the rights issue.

Large slices of current equity is going to transfer at 2.42c or 3c a share. No reason why the on market shares should be any higher than what Williams or DTU are accepting.