hmmm....so AIS are essentially putting forward a reverse...

hmmm....so AIS are essentially putting forward a reverse takeover, and then following up with a capital raise (so AIS gets a backdoor listing with 80% control and leverages MCE being a public company to raise funds.......sounds like AIS may be short of cash)

The 100m seems like conjecture by AFR given AIS is a private company, but the below if correct, hardly points to a company worth 400m (being the 80% of the combined group they are pitching).
https://open.endole.co.uk/insight/company/02405903-advanced-innergy-solutions-ltd

The attached indicates that this seems to be a rollup (buying other companies to grow), but hardly generates any profits.
https://www.punchline-gloucester.com/articles/aanews/sales-soar-for-gloucester-based-manufacturer

This was doing a 5 mins search on google.....lets hope the board do some due diligence as they have just got into a situation of having the business starting to get some momemtum (well at least having survived without raising capital in the last 2 years), and the last thing you need is another business that cannot generate profits and cashflow stepping into the mix.