Ann: Merger Presentation, page-158

The merger is valued at $217m ?
My estimates (rubbery!) are that RCF has put at least $30m in to the two projects starting about two years ago.

You are saying potentially RCF wants to merge TMT into AVL and then run the price down until the project is valued at around 2c a share (or whatever?) whilst increasing its’ holding all the way down until it owns AVL outright and then it will delist it….?

Sort of what the major holder did at CIMIC?

Or am I interpreting what you say wrongly?

cheers