Theoretical share price post issue of new shares is 0.165 based on a pre-issue SP of 0.19.
Calculation as follows.
577m shares currently on issue x 0.19 = $109.6m
86.5m new placement at 0.155 = $13.4m cash
663.5m shares eligible for rights issue
=> 398.1m shares issued under rights issue at 0.135 = $51.8m cash
new total shares on issue = 1,061.6m
new market cap = $174.8m (109.6+13.4+51.8)
new share price post issue = $0.165 (174.8/1061.6)
Massive dilution, nearly doubling the number of shares on issue.
Theoretical share price post issue of new shares is 0.165 based...
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