Ann: LKE Bonus Issue to Shareholders, page-94

I really can't work out whether this is good or not. It seems like a raising dressed as a chance to give existing shareholders discounted shares (the second option number is nonsense). But as the date it is locked in is not until 10 August or whenever, why would the share price not drift towards 35c between now and then? But SP has gone up? Anyone know anything about the bonus shares, assuming you exercise your option to take them, and how they work (are you locked in for any period? release says they won't be added to the asx traded shares...so how do you trade them?).