Ann: Merger Presentation, page-149

I sold most of my holdings at open yesterday, thinking the market wouldnt necessarily like this deal and the SP's of both havent reacted amazingly well , im not sure whether im going to buy back in yet, because theres no real urgency to do so imo. I'm still a big believer in the story , not sure how this affects the timelines for forward progress yet, but I've been here a few years to make a few percent return, which to be honest is pretty dissappointing. Question i keep asking myself is at about $60m m/cap here, i thought we were undervalued being close to epa's etc etc. Do i see an extra $ 150m odd m/cap by combining resources, not by a long shot. I have always thought AVL was overvalued and TMT undervalued, as a combined entity i actually think its overvalued. I'll still be here lurking around and curious as to the end game but i think i can use the money better elsewhere for now