Theoretic opening ex-entitlement price on 16.11

I am trying to work out a a theoretic opening ex-entitlement price on 16.11.

If I buy 4 shares at market close 15.11 Cost = 0.42 *4 = 1.68
Option for 1 share Cost = 0.01
Exercise the option Cost =0.25
Total cost to get 5 shares Total Cost= 1.94
Average Cost per Share Average Cost=1.94/5= 0.388

So there is no difference to buy 4 [email protected] on 15.11 or buy 5 [email protected] on 16.11.

This Theoretic Price 0.388 is not far away from 15.11 closing price of 0.42.

The 0.42 closing price today makes sense to me.