advice wanted

Can any one out there give me some advice?

Im very new to share trading and purchased some GGP shares a couple of months ago at 5.2 cents. Firstly am I right that its in my best interest to buy in to my entitled to the 1 for 1.69 share issue because the share price has already been diluted with the new issues?

If this is correct I would like to exercise my entitlement to the issue of 1 for 1.69 shares at 3.5 cents with the 1 for 2 options but do not have any more money to invest in the sharemarket at the moment. Am I still entitled to the 1 for 1.69 issue on my 72000 shares that I owned on Ex date (9 September) if I sell 31062 at 4.8 cents today to cover the costs?

Macca