Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-260

You guys are really funny.

The ratio is dynamic, 1.1:1 on book closure date probably in September. There is no fixed price. You are assuming alliance mineral will stay flat at $0.34, which is ridiculous because investors will buy up alliance shares. If alliance goes up to $0.40, your tawana shares is worth $0.44 and not $0.37. the same ratio is going to be applied. If alliance goes up to $0.50, you get $0.55 worth. You don't lose out. $0.37 is a nominal figure for them to determine the rate. But alliance is not going to stay at $0.34.