GXY emergency offer for Alita?, page-113

Agree that 20c is a premium price.
However, the theory goes that GXY can't pay less than their subscription price within 6 months of that subscription.
I would argue that GXY's participation in the last round of capital raising (alongside Jiangte) resulted in 20% dilution so, one could argue, that a 20% discount to the previous subscription price is acceptable. In that case, 16c per share may be a starting offer price??