Ann: Merger Presentation, page-496

Is that correct of TMT's price being capped?

Given it wasn't a cash offer of 32.5c which absolutely would have capped it, it's 1:12 AVL share conversion.
i.e. if AVL went to 4 cents, isn't buying TMT above 32.5c going to still be cheaper than buying AVL?

My understanding is we are locked in to AVL's price at a ratio of 1:12, that's it, so it just means each SP would generally move up and down in step with that ratio, give or take a little, until we get close to a vote where traders will be taking advantage of any slip in TMT's price under that 1:12 ratio with AVL's price, to get the instant profit when conversion happens.