To the 22 form letter signatories, page-58

Hi again Rhys
https://www.herbertsmithfreehills.com/file/26446/download?token=zBpBcMFc#:~:text=A scheme of arrangement (or,of both to target shareholders .

There have been many vehement complaints about vagaries .
From this SOA procedure explanation it seems that a confidentiality agreement is likely in place.
— I think this explains the problem of ‘skimpy’ information that has frustrated so many.

I also note the implementation deed - signed by both parties - may contain legal strictures (not to keep shareholders in the dark but to to protect the interests of both companies in the ‘wider’ world).

And the scheme booklet?
It seems it will effectively be a disclosure statement at prospectus level.

.. “The target is required to send a disclosure document known as the ‘scheme booklet' to its shareholders. ​

The scheme booklet must explain the effect of the scheme and contain all the information that is material to a shareholder's decision as to whether to vote in favour of the scheme.​

Although the target is primarily responsible for preparing the scheme booklet, the target will require considerable information from the bidder. The level of information required from the bidder will vary depending on whether the consideration it is proposing to pay under the scheme is made up of cash, securities or a mixture of both. If the consideration is (or includes) securities, a prospectus level of disclosure is required.”​

​

This explanation of legal procedure makes me feel that everything is not yet on the table from either the AVL or TMT sides and that those who assume they already know what it will contain are jumping the gun.

cheers