Ann: Afterpay and Touchcorp intend to pursue a merger, page-8

I understand where you are coming from.

Just some back of the sheet calculations below:
Currently (before today).
AFY assets (not balance sheet assets btw) are worth ~440m
TCH assets worth ~140m, of which the AFY valuation constitutes ~15m (this is obviously too low)

Assume the combined entity (NewCo) is worth at today's prices 470m.

Touch shareholders still own all the assets of TCH plus the other 2/3 of AFY, and will have ~160m of NewCo. The market clearly likes this better, TCH can do what they do best and AFY can do what they do best. The main loss to TCH holders is the loss of the upside on the other assets but given AFYs mammoth valuation it was always going to be hard to capture this value in TCH share price. The only other way would be to sell the AFY in 2018, incur a tax liability and then hand out a special dividend to shareholders.

So yes we get the dud end of the deal but helps actually arrange a suitable exit to realize the potential gains...

I have to think about this some more...