Ann: Merger Presentation, page-244

"If both AVL and TMT are struggling deliver their BFS, EPA and FID, not sure why RCF is orchestrating the merger and pouring more money into it."

Remember what Macquarie Group did as part owners of Nuix when they floated it on the ASX ?

"...As one trader would later say, it was a case of “dress the pig in the gown and sell it like it’s a princess”.

https://www.af r.com/markets/equity-markets/the-infighting-behind-the-2-7b-nuix-meltdown-20210516-p57scy

All IMHO, DYOR