Think you may be right but there seems to some confusion in the documentation in the offer doc.
In the part you refer to
"The Offer opens at 9:00am (Sydney time) on Thursday, 17 September 2020 (Opening
Date) and closes at 5:00pm (Sydney time) on Monday, 5 October 2020 (Closing Date)"
and further down
"A 2.5% discount to the VWAP of Nearmap Shares traded on the ASX during
the five trading days up to and including the Closing Date (Tuesday, 29
September 2020 to Monday, 5 October 2020)."
Looks as if someone stuffed up.
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VWAP for NEA, page-12
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