As an existing retail shareholder in Gold Star Ltd, identify which offer type is most likely to result in an adverse outcome from your perspective:

Select one:

a. Dividend reinvestment plan (at no discount to current share price).

b. Share purchase plan (at no discount to current share price).

c. Renounceable entitlement (rights) issue (at a 10 percent discount to current quoted market price of share).

d. Private placement of shares (at a 5 percent discount to current market price of share) to one institutional investor.

e. Public share offer (at current quoted share price).