My understanding is that the settlement date is 17 Jan 2020 and the VWAP for the consideration shares is the 7 prior trading days.
So all existing shareholders want the price up from 8 Jan through 16 Jan which is likely if they release good news flow, weak retail hands stop selling and a few of the existing shareholders/brokers pump it up a bit to a fairer value to reduce dilution.
Ann: WestStar Presentation - Alltype Engineering Acquisition, page-35
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