Ann: Trading Halt, page-67

We are on the same page I think. I was using my recollection of 10 day VWAP (no discount). Even using a 5 day VWAP and then discounting that by 10% (as per your examples) gets you to 6.5c CR price as well. Anyway, I certainly agree with you the CR will not be at a premium to the last traded price as some think here. I suspect the CR price will be 6.5c - 7.2c IMO, but closer to 6.5c IMO. Whatever the price is suspect it will bounce of that relatively quickly.