If I was the recent underwriter of $500k at post consolidation...

If I was the recent underwriter of $500k at post consolidation price of 3.5c I would be dirty.

First glance is that there is no timetable and no project.
Valuation of company shares after offer equals 1.85c cash so that looks like a good deal for existing shareholders.

The fact that the offer is renounceable means that shareholders may also get some cash for their rights if they sell.

This is a much better deal for long term shareholders than the original rights issue of 3.5c.

Its value will depend on a project.
I`ll give a tick to the new management if they have a project and obtain it at value. Will be paying up if they can follow through as the price of the rights is a good start. Your 1.8c right will have a cash in the bank value of 1.85c so the project is important.