$50 Party, page-835

VWAP
75. The plaintiffs relied on the expert evidence of Mr Shackley, who was asked to provide the VWAP Price for PKK shares on the assumption that the Performance Share Issue Date was either 29 November 2016 or 17 February 2017. Mr Shackley was asked to exclude any days on which PPK was in a trading hold during the required 30-day period. Mr Shackley further assumed that the phrase “over the 30 days on which trading in PPK Shares took place immediately preceding (but not including) the Performance Shares Issue Date” included only the continuous 30 days in which the ASX market was open to trade and PPK shares were open to official quotation. As PPK shares were suspended from trade from 29 September 2015 to 16 August 2017, Mr Shackley included the continuous 30 days that PPK shares were open to quotation prior to suspension on 29 September 2015. As a consequence, Mr Shackley’s calculation was the same, using either of the two dates he was asked to assume was the Performance Shares Issue Date. Based on these assumptions, Mr Shackley calculated a VWAP Price of $0.216023.

76. Mr Shackley was asked to re-calculate VWAP having regard to 30 days in which a trade in PPK shares actually took place (which I have concluded was what the definition of VWAP Price called for). This date range was from 11 May 2015 to 27 August 2015. The VWAP based on these 30 days of trading was $0.311495. The calculation, however, still used trading days before the trading hiatus, which the definition of VWAP Price did not envisage, as such trades lacked the “immediacy” required by the definition and the contractual purpose.