the average means nothing,imo
lets say if the placements are offered to the same group of people, do you think they will take up the tranche 2 at 7c is the s/p isn't over 7c, I guess no one will.
if the placement are offered to different group of people then the second group of people won't take up the 7c placement if s/p is <7c, imo
so either way, it has to be over 7c before tranche 2 placement
all imo.
s/p should be 7c+ before tranche 2 placement, page-23
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