Hmmmm. The devil might be in the detail here. At the end of the...

Hmmmm. The devil might be in the detail here.

At the end of the LDA announcement from 22 December 2021, it states that the $2M of the fee will be paid "in shares based on 90% of the averageVWAP of Shares in the 90-day trading period [emphasis added] precedingthe 12-month anniversary date of signing the Agreement".

On page 59 of the annual report, it states "a share price calculated based on the 90% of the 90-dayVWAP [emphasis added] preceding the 12-month anniversary date."

Note the difference between 90 day trading period and 90 day VWAP.

In the background of the minutes for the AGM, it is stated that "LDALLC and the Company have agreed that the price of the Fee Shares is calculatedby 90% of the VWAP for the 90-day period [emphasis added] priorto the Payment Date"

Therefore, I'm inclined to think the period is the 90 day period and not the 90 day trading period.

The difference being that the VWAP period will start on or around 17 August 2022 (90 day trading period) or 23 September 2022 (90 day period). Obviously the VWAP will be higher if the period starts in mid August rather than late September.

So, did we just find another "typo" in the original LDA announcement? Did management not properly understand the period in the ageement? Or did they agree to a shorter period to calculate the VWAP than was set out in the agreement so that LDA can get some more shares? I certainly hope its not the latter because that would not be in shareholders best interests. But also not good if there was another typo in the original LDA announcement and they have now worked that out but not informed the ASX of that typo.

Not sure on your views of the period @Slider and the period that you used for the estimate of the shares to be issued.

I am also happy to be corrected and will retract my comments if someone can confirm that there is an ASX rule or similar that means that any reference to a VWAP period must be stated in trading days and the absence of the word "trading" from the references above has no impact.