You wrote that TMT bought the tenements off KOP, which is wrong. KOP own the tenements and they’re a wholly owned subsidiary of TMT, but TMT never “bought” the tenements. I can’t remember in what context you brought it up but you were wrong.
I don’t have access to the letters of support of the merger but from what I’ve been told by the company, in their letters they stated their intention to vote yes was conditional on the Independent Expert finding the deal to be reasonable and in the best interests of shareholders, which ties into RG 25, where as it seems all no voters did not link to the expert’s findings. It was also conditional on no improved offer being provided by another party (I.e company xyz come out of no where and offer us 80c a share)
in the letter I sent to TMT, I said my no vote was to the terms presented to date (i.e. 12-1, no cash etc.). I didn’t link it to the ITE, scheme booklet etc. This is why ASIC and TMT consider the no votes excluding SPC as non binding.
its a moot point anyways no one is going to change their mind between now and mid January. The scheme booklet did a great job talking about the benefits of a merger, but the no camp is probably 95% people who just want improved terms. The independent expert found that the terms weren’t fair, so clearly the easiest way to resolve this if AVL really want TMT is to improve their offer to closer to 20-1.
TMT Price at posting:
21.5¢ Sentiment: None Disclosure: Held
