It says, the "lesser" of a. 31.5c per new share b. 5% discount to the VWAP. So if the 31.5c per share is cheaper than the 5% discount to the VWAP you pay 31.5c or vice versa.
I88 Infini rolls on with soil sampling at Portland Creek not long after making possible 'uranium history'
HYT Twiggy Forrest to acquire 40% of native hydrogen explorer – not long after putting Fortescue Future Industries to sleep