We have two options in play.. Current options, and bonus...

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.....