Ann: Capital Raising Presentation, page-41

So the offer will be either $1.80, or a 2% discount to the VWAP (average price over a period of usually 5 days), whichever is the lower.

So if the share price in the last 5 days immediately prior to the opening date of the offer (offer date when you can purchase), less 2% turns out to be lower than $1.80 then that is the price,

In other words:

Trading at average of $2.00 over 5 days prior to the offer date: Then you get them at $1.80
If the shares are trading on average of $1.60 over 5 days prior to the offer date, you get them at $1.60 less 2% as a discount.

That is how my last one worked. The offer was 8.4c or 2% discount of VWAP, which turned out to be 5.4 cents, so we got them at 5.4c less 2%

Make sense?