According to the gumpth, it is the lesser of the two. 1. 31.5 c. or 2. A 5% discount to the VWAP over the 5 day pricing period. So if it reaches 40, the lucky retail investors will still only pay 31.5. That's my take.
PV1 Provaris tells ASX non-binding MOUs are still material to share prices in somewhat fiery compliance response