Ann: Transaction Update, page-80

I think TMT holders have made it clear to you that the majority (myself included) don't think the independent report is worth the paper it'll be written on. It will just say 12-1 is at a x% premium to TMT share price and that merging amid global uncertain is best. TMT holders in general believe we have been undervalued (especially compared to AVL) for a long time. I support the merger in principle, but at 12-1 I am happy to take our better deposit and more advanced enviros and tell AVL where to stick it.

The majority (myself included) don't support a merger at 12-1.