the timing of merger

Just read the Notice of Meeting and have to say the timing would indicate the confidence that Pass has in FP.

If I have read it right, the Pass merger has already been agreed upon BEFORE penalties. That is, if the proxy does not vote in favour of the merger, 5% of VIL shares go to Pass. But also, if Pass pull out, 5% of their cap goes to VIL shareholders. The merger has already been agreed upon; with penalties applying to those who decide to withdraw.

Now the timing. The merger agreement has taken a little longer than two weeks to be formalised. Were Pass waiting for a little certainty??

These are personal opinions but the timing looks incredibly suss. Some companies receive due attention for what they've got, not what they spruik. Exemplified by OZL buying into Sandfire at $3.80 a share and ignoring the others..