Ann: Merger Presentation, page-131

Until this week, I was an investor in TMT over a couple of years and followed developments here very closely. However you decide to view this proposed merger, I'm now wondering if there's any point in hoping TMT might continue in its present form. By taking this step, TMT management has essentially taken a vote of no confidence in their own independent project, whether its because they can't make the financial model work, the capex is now too high, the V price is too low, or they can't secure offtake agreements. They now see themselves working for AVL instead, and with no real control of the combined project. So I think there's no going back, and TMT will merge with AVL one way or another. If TMT management can't make it work with their superior ore body, I can't see how the merger is going to make it an easier to come up with a workable plan. Any "integration study" makes no sense as management have repeatedly told investors that the two ore bodies are very different, and require different processing techniques. I agree with one recent poster who suggested that the merger may be a ploy by the insto investors to hopefully encourage a short term pump in the SP so they can sell out. If I had any shares left in TMT, I would be voting "NO" to the merger in the hope of pushing for a better deal, or better still a cash payout.

All IMHO, DYOR