We have two options in play..
Current options, and bonus options.
Current Options:
........The underwriters will participate in any shortfall pro-rata to their commitment and will, to the extent necessary, subscribe for top-up shares to satisfy their commitment.
If there is insufficient shortfall (ie; there is nothing to be underwritten) they get issued the same amount of shares as per their commitment under a 7.1. If there's a larger shortfall, they have agreed to underwrite to the full amount of available options - pro-rata to their commitment (any shortfall). That's how I read it..
Bonus Options.
Issued to holders who hold after June 30.
Price is TBC (so is the record date, but it's after June 30, early/mid July?). Price is EITHER 25% premium to the VWAP 5 days prior to June 30, OR 10c @ June 30, whichever is greater.
Anything more than 8.0c VWAP June 25+ 5d (inc) , or 10c SP @ June 29 CSPA is a premium to 10c strike.....
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