merger partner profit downgrade

I was having a look at this announcement released yesterday by PLT and it struck me why they would be releasing this now and not back in mid April as soon as the merger was announced.

IMO the only reason for this timing yesterday was that Lonergan Edwards who is preparing the Independent Experts Report for FER shareholders are/were going to be quite damming in their report re sales forecasts made by PLT.

This leads to some interesting questions:

If the board of FER were made aware that PLT was only going to do $3m in sales this year when the merger was announced PLT should have announced the downgrade to the ASX then and not waited until yesterday.

Conversely if the board of FER were only made aware of the PLT profit downgrade yesterday then they should be renegotiating the Merger Exchange Ratio...ie. from 3:2 to maybe 2:1.

Roughly a 50% downgrade to forecast sales is quite extroadinary after a merger has been announced without the terms of the deal being amended.

FER whilst not having product in the market selling at present does hold all the cash, without FER's cash IMO PLT's potential sales of Truscreen will be severely limited. Hence FER are holding all the cards here in this negotiation.

Any thoughts?