I think you misunderstand the potential downsizing of the TONOD offer.
The VWAP referred to in the prospectus is the VWAP of the existing TONODs during the 15 day prior to issue of the new TONODs. That new issue is scheduled to happen on 25 January 2019. So any scaling back of the offer will take place next month.
You seem to suggest that the VWAP of the TON heads on 30 September 2020 when the TONODs will expire is the relevant consideration. Not so.
Ann: Ancuabe Permitting Update, page-49
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