Gary if you were still are shareholder on the record day i think...

Gary if you were still are shareholder on the record day i think you can still opt in for the DRP if you want the shares at 28c as the closing date for nomination is 9may (tomorrow). it looks to me like they took this decision as they want to retain the cash and hold onto the shareholders who want to hold on for the ride. to answer your question the volume weighted price for the 10 days 21/4-5/5 was $0.4267 so 7.5% discount would have been $0.3947. the fact that the board has intervened and said $0.28 to me shows:

1. they did not anticipate the strength of the SP rally upon announcement of special dividend
2. they have a strong preference to retain the cash on the balance sheet