Bioshares adds Anteris to their model portfolio., page-9

My memory of the Convertibles is they convert at a VWAP calculation?

o The first tranche of $1.62M face value to be purchased for $1.5M. This entitles Mercer
the right to convert the note into fully paid ordinary shares at 90% of the average five day VWAP immediately prior to the issue of a conversion notice, subject to a floor price of $2.50.
o The second tranche of $1.08M face value is able to be purchased for $1M and entitles Mercer the right to convert the note into fully paid ordinary shares at 90% of the average five-day VWAP immediately prior to the issue of a conversion notice, subject to a floor price of $2.50

What am I missing?