Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-182

I don’t think people are looking at this the right way.
The 49/51% will have no bearing on company control going forward.
Just because 51% of the new company will be held by current AMAL shareholders doesn’t mean every shareholder on there register is in collusion for a hostile takeover in the future.

We have currently less AMAL shareholders committed to this merger than TAW shareholders, 30.4% of AMAL compared to over 32% from Tawana.

The 49/51% will have no bearing on control of the company after the merger is complete. What needs to be looked at is how much the Chinese parties will have control of and that’s where the risk comes into it similar to AJM. Between Burwill and Weier they will hold approx 15% of the new company. I’m sure there will Be other prominent Chinese investors who might be willing to offload for a certain price and then there is the like of Canaccord who could do the same for a quick buck. Definitely seems to be some concerns given Mr C comments about big players but they won’t be holding anywhere near 51% after the merger.

The merger won’t happen until September so between now and then we are cashed up and there will be rapid progress which will hopefully get recognised through higher SPs before any sort of play like this can happen. In addition to that I have no doubt Mr C is aware how prospective Cowan is and whether he is happy to cut this a little short and move onto SpinCo where the early stage big gains are made could be in the back of his mind too. He has proven himself to be one of the best in the lithium space so he won’t have any issue raising funds or attracting offtake partners if Cowan comes up with The goods.