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

Select one:

a.

Public share offer (at current quoted share price).

b.

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

c.

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

d.

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

e.

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