It doesn't matter who you spoke to at the company, their misguided opinion is not legally binding. On the other hand the SPP offer document is, and it very clear states that new shares will be issued at a price,
"equal to a 17.5% discount to the average market price of fully paid ordinary shares traded in the ordinary course on the ASX during the 5 trading days…."
How anyone can misconstrue that to mean closing price is bizarre.
Personally it I think it is the VWAP over the 5 days period, not the average of the 5 daily VWAP's. But they should work out to be not too dissimilar.
Cheers and good luck,
Simonmag
LYC Price at posting:
14.2¢ Sentiment: LT Buy Disclosure: Held
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