It says, the "lesser" of a. 31.5c per new share b. 5% discount to the VWAP. So if the 31.5c per share is cheaper than the 5% discount to the VWAP you pay 31.5c or vice versa.
FEX From the Floor question: "When will FEX start using rail to augment & de-risk their haulage solution?" | Fenix Resources
AL8 From the Floor question: "What is the focus of AL8 and how is management going to attract shareholders to the registry?" | Alderan Resources