Ann: Notice of Annual General Meeting/Proxy Form, page-39

"...AVL has five billion-ish shares to TMT’s quarter of one billion ie far greater liquidity..."

This statement of yours is totally misleading. Neither TMT or AVL has much liquidity, period. Just look at today's trades, for example. At this time of writing, TMT has traded ~$19k worth of shares, across just 8 individual block transactions. AVL has done about $37k worth, (25 blocks) but the transactions don't even fill a single page. If folks with significant holdings decided to sell up, I'm guessing the SP would likely be forced down dramatically. If the merger went ahead and TMT holders tried to dispose of their AVL shares, I'd say good luck with that !

All IMHO, DYOR