taking up spp, page-17

I am pondering what impact the SPP will have on the current price.

As i understand it;

There are presently 1.88B issued shares.
The SPP is capped at a maximum of 30% new shares.

The price will be the lesser of 8c or a 5% discount of the volume weighted price for the 5 days including the 24/04/09.

Assuming the 30% new shares are issued which equates to 23% of the new total issued shares, then a 23% dilution of the current price would be 7c.

Worst case would be a 23% drop from the likely 8c issued price or 6.16c.

What do others think?

Bassmann