Ann: $2M Underwritten Share Purchase Plan, page-2

So how does the back pricing mechanism work?
20% less than the 5 day avg price prior to the day of release of shares.So they only know the dollars offered and won't calc teh shares to be issued until teh very day??
Also, so from the 7th to the 12 july, does that mean big sophisticated investors can short the sp and drive it down to get really cheap shares. And the share price then naturally rises back to its old price after the issue.................and then the soph's can sell out for a couple pips profit and drive the sp down again.

Or am I way way overthinking this........with a max of $15k per shareholder I guess its not a big woop. Just not sure I understand why they are calculating it this way.

I might need my morning coffee.