Ann: AVL INCREASES SCHEME CONSIDERATION TO BEST & FINAL PROPOSAL, page-36

There’s still a ~12% declared no vote, which means you’d need a 36% yes vote. They have 39.9% including the board declared yes votes.

Honestly it might not be enough, it’ll go close. Votes are typically poorly attended, and people will likely be more inclined to turn up to vote no than yes (we’ll be able to see this come the vote whether I’ve got it right or wrong).

Some people have posted that AVL’s usage of the term “best and final” means they legally can’t increase it. This is correct although they may be able to propose a new scheme with an increased offer, however we would have to pay all the exit fees applicable to this offer.

I feel offering 14 with that terminology is a bit of a line in the sand. Seems the new AVL management are going to be better at keeping a tight registry that TMT.

the question I’ve got to answer for myself between now and January is will i make more money with AVL at 14:1 than I will holding my TMTs, at 12:1 I was firmly of the opinion that I was handing multiples over. A 16.6% increase is not to be sniffed at, and if it returns a slightly smaller return in a shorter timeframe with less risk than TMT alone that’s well worth considering. As many people have said before the opportunity cost in TMT and AVL has been tough so far.