Almost sure it will be entirely scrip with Vocus paying the...

Almost sure it will be entirely scrip with Vocus paying the premium to get Board/Executive control. TPM has left the run too late and a 5.5% shareholding isn't enough to cause any problems. Even at 10% they would struggle. Even if TPM offered an all cash alternative as a counter, the instos would prefer an all scrip deal with VOC/AMM because otherwise they would only have to re-invest the cash into something that would not be as exciting as VOC/AMM. A scrip deal lets them see the synergies come through over next 1-2 years. In my opinion if AMM agree, then deal is done regardless of David Teoh's wishes.