Normally we should expect to see a dilution factor discounting the SP to a level sitting between the pre-SPP SP and the SPP offer price. However, this SPP carries rights to options plus further 'piggyback' options, which complicates matters. And with a large number of shares on offer (potentially up to $100k worth per eligible holder), anyone who might wish to apply for the options in the SPP (they are free so why wouldn't you?) is logically going to expect a discount on currently traded shares (that do not carry options).
On that basis the current SP is placing a market valuation on the options equal to 3.7c less the current SP.
