Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-181

Good point there Names little. I think the original 50% JV earn-in was with Lithco (taken over by TAW), so Lithco could have been merged with AMAL, leaving TAW with SpinCo assests.

There are numerous conditions for this merger to succeed. One of which is an Independent expert's assessment on the merger (perhaps what you've raised above will be addressed in this report?):
"Independent expert concluding that the Scheme is in the best interests of Tawana Shareholders"

"A Scheme Booklet is expected to be despatched to Tawana Shareholders in mid August 2018. The Scheme Booklet will include further details of the proposed Merger, an independent expert’s report, the rationale for the Tawana Board’s recommendation and other matters relevant to Tawana Shareholders’ vote on the Merger."

So let's see what the Independent expert has to say. Note by the time you get this report (August), the Spin-out Transaction would have been completed (June) and you would be owners of SpinCo shares If you don't like what the Independent report has to say then I would assume you could sell TAW and keep SpinCo shares (assume they will eventually list, probably TAW/AMAL selling their 15% in an IPO?).