SPP now at a discount?

Hi all,

I am trying to wrap my head around this concept..

When the SPP was announced, the share price was at around 3.1, the SPP offer was to take up shares for 3.3c (from memory), i.e. a 0.2c premium, which is effectively the cost of the 5c option.

Now, the sp has rallied past 3.3c, making the SPP actually at a discount, AND with a free option attached .. is there a catch here? i imagine everyone would fully subscribe, take the option, then dump the stock ?

If the sp rallied past 5c prior to the spp this could make things even more interesting..

Does anyone know when the cutoff is/was to be an eligible shareholder?

Cheers