Ann: Merger Presentation, page-206

I get that many here are negative about the proposed merger/takeover. me, too, as I bought years ago for a price not dissimilar to what it is today and still think it is worth at least twice as much in terms of MC. but why on earth is the SP now at 26c when as part of transaction what is offered to TMT holders is worth 32.5c per TMT share. Of course, it is not cash but AVL script (converted at 27c of their SP) but then the SP of these guys has been pushed down a lot over the last few months and it is not unlikely that it will go above 30c in the not so distant future meaning that our 32.5c value is going up, too. Am I the only one seeing an arbitrage opportunity here? And the large TMT sell parcels sitting at 26c make this opportunity look rather handsome and I am tempted... What am I not seeing?

correction: the minute I posted the above, a rather large sell parcel sitting at 26.5c has been move further up