Ann: Quarterly Activities Report, page-197

I don't understand your point @kcof ,

Your original post states:
"VWAP = VOLUME WEIGHTED average price. So $1 here and there does SFA."

This is incorrect....it matters on low volume or no volume days during the applicable 10 day period.

"There are five steps involved in the VWAP calculation. First, compute the typical price for the intraday period. This is the average of the high, low and close {(H+L+C)/3)}. Second, multiply the typical price by the period's volume. Third, create a running total of these values. This is also known as a cumulative total. Fourth, create a running total of volume (cumulative volume). Fifth, divide the running total of price-volume by the running total of volume."

https://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:vwap_intraday

The 28 June 2018 announcement states:

"The capital raising includes the issue of up to 333 million ordinary shares with an issue price of 0.3 cents per share to raise up to $1 million. The issue price represents a 7% premium to Laneway’s 10 day VWAP (0.28 cents per share). In addition, the Company will also raise up to $2 million by the issue of 400 million secured Convertible Notes."

"....at an issue price of 0.3 cents per share (a 7% premium to the 10 day volume weighted average price (VWAP) of Laneway shares on ASX)..."

Note: Chi-X data not included in the 10 day VWAP calculation.

10 day VWAP means the volume weighted average traded price per share for the period of ten consecutive trading days immediately prior to an applicable milestone date.

Presumably the applicable milestone date was the day of the announcement - 28 June 2018.

So the 10 days of data that the VWAP is based on would be 14 - 27 June 2018 inclusive. You will need to ask Paul Marshall or one of the directors to clarify the applicable period used to calculate the 10 day VWAP. In fact ask him for the LNY spreadsheet and data used for the calculation.

Please study the following historical data for that period:

https://au.finance.yahoo.com/quote/LNY.AX/history/

- 4 days of no trades - contrary to your previous post, it makes a difference to the 10 day calculation.
- 5 days of 0.002 trading (with 3 of those days on very small volume) - contrary to your previous, it makes a difference to the 10 day calculation.
- 1 single day of 0.003 trading

Very suspicious trading on the 10 days prior to the announcement...and the calculation of a 10 day VWAP accordingly.

A group of 0.002's pop out of know where, just prior and during the relevant 10 day period. Notwithstanding, 4 days (of the relevant 10 day period), had no trading whatsoever.

Not unlike statistics, you can skew the relevant data, for example, I can pick many 10 day periods that show a vwap equal to or in-excess of 0.0035. The director's issue price of 0.003 would then represent a 16.7% discount to the 10 day volume weighted average price (VWAP) of Laneway shares on ASX.