Ann: Merger Presentation, page-232

Arbitrage is profit from buying an asset in different markets at a lower price.

The merger offer is 1 Tmt share for 12 Avl shares.

Avl is at 0.028

12 x 0.028 is 0.336.

Tmt is trading at 0.26. therefore a profit of 0.076c per share if you could cash instantly.

But, in this case, the arbitrage is 5 months away when the companies are merged.

So, @willow, are you suggesting Avl will tank?