Noellyn is refering to a revised offer price of 55 cents that LNG might be prepared to pay post dilution effect of extra shares at 25 cents
LNG's 65 cent offer was made prior to the reserves upgrades, if LNG make a revised bid due to dilution they cannot ignore those upgraded reserves figures, as they have so far.
LNG may deem 65 cents as still a reasonable offer in respect to the rights offer.
2 for 5 capital raising at 25 cents!, page-17
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