Ann: Merger Presentation, page-616

You have very valid concerns and there is a significant amount of TMT shareholders who think exactly the same!

TMT management has been very good as far as share dilution/cost control etc over the years and their overall plan. I think the external influence around ESG, enviros, and native title have caused delays which have enabled a merger to come about in relation to Government support as @bythefan has alluded too. Again AVL needed the merger.

I can list 1000 reasons why TMT does not need to be married to AVL.

My best analogy on the merger is TMT is marrying someone with 8 kids and significant family costs who is on Centrelink (AVL government grant). Any person worth their salt would not enter into that arrangement. I can tell you there is no LOVE between the 2 companies.