the company announcement also states THE EFFECTIVE DATE as:The...

the company announcement also states THE EFFECTIVE DATE as:

The price per share of any new shares of Animoca Brands to be issued as consideration for
the Acquisition will be based on the higher of A$0.18 or the 30-day volume weighted average
price (VWAP) as of the effective date of the definitive agreement, which is expected to be
executed in December 2019.

It's 17/12/19 today and there's no guarantee that the shares will relist anytime soon. Its not clear what happens if the definitive agreement is executed in December 2019 but the shares don't trade for another 3 months. Be better if the announcement said the VWAP was based on a 30 day average when the shares eventually relist.

In addition the terms of the options to be issued are based on a share price that is months old. Here's the wording:

In addition, the lenders will receive up to 13,157,895 options on a pro rata basis to the amount
loaned by each lender, based on an exercise price equal to A$0.19 per share, which is the
21-day volume-weighted average price (VWAP) and represents a premium of 5.6% on the last
closing price. These options may be exercised within 12 months from the date of the
respective loan agreement.

Would have been better if the Options were exercisable at a 5.6% premium to a 30 day VWAP established when the shares eventually relist.