Ann: Merger Presentation, page-123

as noted above I’ve held TMT for a long time and not a huge fan of AVL

having said that, 12 for 1 and the resulting capitalisation seems a very decent deal to me. Has there been a point in both companies’ histories that would suggest the market has ever valued TMT more favourably in comparison?

I bought back a decent chunk today (sold some recently at 29 as per recent post) at 27.5 cents, which to me feels like:
1. A nice chunk of TMT at 27.5c = bargain, plus
2. A nice chunk of AVL at 2.3c (27.5/12) = super bargain even if you prefer TMT