Ann: Renounceable Rights Issue to raise up to $15.8M, page-275

Without directly answering you I covered the following reasons that the price will trade higher.
1. extra options will be given with new shares
2. expectations of share price going higher before we have to pay for new shares
3. you can apply for extra shares at 2.5 cents when you buy your allocation

there is a 4th called confusion that probably explains the 2 cent high. People may have thought they were trading options that will be allocated with new shares. As they have a year to trade. Still seems a bit high but that's the share market