Ann: TMT Investor Presentation December 2023 - Scheme Webinar, page-40

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no it was not.

Ian clearly said if the merger was not supported and no improved offer was provided, that TMT as a standalone project is still capable of progressing to production on it's own.The scheme booklet outlines that in the short term were the merger to not be supported that both share prices would likely fall (I agree to this). However, Ian, TMT, AVL, nor yourself as far as I am aware are the man upstairs so no one knows what will happen with the share price.

The scheme booklet, nor Ian today, ever said something like what you've just posted. It is just the classic kind of thing yourself and a few other AVL holders have posted here because you love the idea of 12:1.The only thing that didn't make sense to me today is that TMT's board of directors feel that 12-1 is acceptable, and an improved offer to 10.28:1 that was originally offered.

Lets see a revised offer closer to 50-50 (19.1:1) and then we can talk.