looks like GS and HS got thier full allotment, page-28

An $10,000 example.

If you were to buy $10K (incls brokerage of 19.95) on Comsec you would get 8.48% more on market at 0.046 than you would buying at 0.050 through the RI. (216,957 compared to 200,000)

Though with the rights issue you would get 100,000 free options as a bonus. There is already a 300,000 buy order on the options at 0.012 making the free options $1,200. If you were to sell those 100K options at market at the 0.012 price your original outlay would be only 8,820. ($20 brokerage to sell) making the 200,000 shares you purchased in the RI an average of 0.044.

Now from that 1,200 profit you made what is your tax rate? 20% would see $240 go leaving a profit of only 960 thus increasing your original outlay to 9,060 which over 200K shares is 0.0453 per share.

Now your average would be less if the options sold more than 0.012 and average would be higher if sold below 0.012.