Ann: Merger Presentation, page-34

It might make sense to merge but not at the TMT valuation all of AVLs contributions are worth zero and only that their market cap is higher due to the significant higher shares on issue. It’s by good luck not good management.

TMT path on the other hand is about to all come to fruit and be significantly re rated higher.

This is a great attempt by AVL management but how this gets up is beyond me.

From a share structure point of view TMT would be better off raising the money and taking AVL out, the merged company would have less shares on issue and we would retain the outstanding team we have. Graham is the only addition Tmt would need to make it a master company but the transaction terms just seem wrong on all levels on the TMT side of things.

RCF just have the shits that the first approach would have been no and now they are using their muscle for a merger.

I reckon even RCF have got the transactions terms wrong.

The deal needs another look that’s for sure!