"Shares are offered at the lower of:4.8 cents;and the price...

"Shares are offered at the lower of:
4.8 cents;
and the price which is equal
to a 10% discount to
the
five day volume weighted average price
(VWAP)
of shares traded on the ASX up to and
including the last day of the Plan offer period"

I took up the offer prior to the extension.
I would hope that shareholders take up their offer and that the price averages .053cents or above for the next 5 days or we could see the so called sophisticated investors picking up the shortfall cheap.
I think it would be a shame to see an Aussie company with so much potential drift of O/S before realization.