Is 21.5 cents the lowest under SPP?

The following is from page 2 of theSPP booklet (my yellowing)-

“ The SPP is beingundertaken at the SPP Offer Price, which is the lower of:

* the offer priceunder the Placement, being $0.215; and

* the pricerepresenting a 2.5% discount to the volume weighted average price ofShares during the five tradingdays up to and including the Closing Date of the SPP, rounded to thenearest half cent,

providedthat the SPP Offer Price can be no lower than the lowest pricepermitted under ASX Listing Rule 7.2, Exception 5.”

The yellowed text isnew – it didn’t appear in announcements prior to the booklet.

SoI checked (listing rule 7.2 and exception 5) to find out what effect it would have. There had to be some reason for including the yellow proviso.

Conclusion: On my analysis,which I offer for consideration and/or correction (correction if it is in error),below, the effect of the yellowed text is that the lower willnecessarily be $0.215, as on my analysis, the lowest price permittedunder ASX Listing Rule 7.2 Exemption 5 is $0.213.

And $0.213 roundedto the nearest half cent gives $0.215 anyway.

Here's the reasoning - for agreement or correction.

For the VolumeWaited Average Price for the five days prior to the day on which theissue was announced–( I used the figures provided on page 32 of theCapital Raising Presentation (“Details of the offer”). The dayon which the issue was announced I take as 6^th April 2023.

Listing Rule 7.2 andExemption 5 – are from a pdf I downloaded from the ASX website. “Chapter 7.pdf – ASX Listing Rules – Chapter 7 – Changes incapital and new issues”.

https://www2.asx.com.au/content/dam/asx/rules-guidance-notes-waivers/asx-listing-rules/rules/Chapter07.pdf