Ann: $120m Equity Raise and Share Purchase Plan, page-19

The theoretical price should be right on $5 based on a $5.13 close and raising an extra 12% of shares at $4.05 based on ($5.13*.88)+($4.05*.12)=$5. I know that these figures aren't exactly spot on, but they are near enough.

Obviously though, there will be some selling pressure created by arbitrageurs etc., so in the short term, the SP will almost certainly dip lower than $5, but I'm not so sure that it will go too much lower. Keep in mind that we are raising capital at just a 20% discount to a 10 year high, and that we are now locking in a clear path towards commercialisation, without which our shares would be worth SFA.