Ann: Merger Presentation, page-201

“Giving away half our value” through merging with AVL is a strong statement rookie and I don’t think that the maths is as simple as that.

• You are presupposing cost efficiencies which the independent review has NOT confirmed.

• You are presupposing development funding support when - just days back- people on this thread were panning Elisha Civil, our CFO for acknowledging in a presentation just how difficult the financial environment out there is saying there was no silver bullet.

• You presuppose the talent and will at TMT to bring TMT the best offtake agreements

• And you presuppose that the RCF decision as to what is in its’ best interests is contrary to our own best interests despite that so far TMT has demonstrably thrived under RCF support.

I don’t understand your thinking.

And as far as the payback thing goes adding just 10% a year to the 2019 figures (as per MS minimum estimates) takes the time up to about 5.5 years.
It’s probably more, not less!
Maybe much more.

cheers