RCF has now taken to MSM to beat on TMT SH, page-33

Sabine, I don't believe AVL would wait for a formal No vote if they intend increasing the offer. As I understand it the AVL Chairman and CEO have already held a number of discussions with representatives of large shareholders who have indicated they will vote No. Nobody is being blindsided here. As I said, the next step is releasing the independent experts report and allowing shareholders to digest then I assume further discussions / temperature check between AVL and those same shareholder representatives will take place to see if their position has changed.