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Friday, December 14, 2012 8:32:45 PM
Besides the "formula" in the preceding sentence, the only other "formula" you need is the one to compute "VWAP" for all trading activity that occured in each single trading day. For a 60 day lookback period, that is 60 different calculations of VWAP, where only the lowest one among those 60 VWAP prices is selected to figure the conversion price (using the formula in the first paragraph).
The concept of VWAP can be applied to any period of time, depending upon the purpose of the calculation and the legal agreement between the parties. In the case of YA and NEOM, they have agreed (in each debenture) that VWAP will be calculated in the manner described in the second paragraph above.
Apparently, you believe a 60-day VWAP lookback period calculation should be done for the entire 60 day period to arrive at a single VWAP price (in other words, volumes and prices are aggregated for all 60 trading days, to arrive at one single price). I don't disagree that two parties could agree to do a VWAP calculation in that manner. However, the fact is that NEOM and YA agreed to a much less favorable method that YA is permitted to use to determine the conversion price. It would be an awesome outcome if NEOM used your method but that is not what the agreement permits.
In my Post #280870,I conclusively validated that the calculation is working as I described in the second paragraph above.
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