Ann: Scheme Booklet registered with ASIC, page-91

This independent report should have been produced before any terms were agreed to. Especially such a wishy washy offer of scrip for scrip with such a long lead time which results in no real valuation.

The report has landed around 40 cents a share. The offer should be $0.40 cash per share or whatever 40 cents per share equals in AVL at the time of the scheme. That would allow those who don't want AVL share to exit and receive what has been deemed "fair" by a third party and would allow anyone who wants AVL shares to receive them in exchange for their TMT shares.