Considerations against the merger, page-194

The valuation seems to have been set based on the latest audited financials, though I'm not certain there. I will want to see that explained before I'm happy to vote.

As for rhe nasty surprises question; yes. Open up the 126 page document and read the definitions of a "material adverse change". The clauses apply to both AMAL and TAW, particularly if either of them takes a $5m hit, plus a bunch of other reasons. If one of them breaches it, the other benefits.

Those shares were agreed to in the takeover document, so TAW is aware of them, and factored it in. By the same token, TAW has about 30m options to be included in this deal (with 1m issued just the other day). I think about 17m of those are to Canaccord and the rest to the directors, so it's much the same on both sides.