Ann: Transaction Update, page-46

The point is 22 shareholders have been determined enough to register intentions to vote no to the proposal (no matter what new material may be revealed) despite that none of them are qualified as professional institutional or sophisticated investors (who are reckoned to have experience in such matters).

The point is that - given the emotional kneejerking, trash posts and erroneous assumptions that have been aired on HC since the merger was announced - at least some of the 22 have no real idea of what’s best for this company in the long term.

The point is that these 22 shareholders own 9.29% of the company and are trying to stop the merger no matter what the position is of the board and hundreds of other shareholders.

And I feel at least some of the 22 might be motivated by an expectation they will be offered a better deal than the 12 AVL shares for each TMT share which the company’s leaders and professional institutions consider is reasonable.