Ann: Merger Presentation, page-505

Hey Sabine, you can check out SFR acquition of MOD which I was the acquired party in that deal also.

It was slightly different where MOD holders could take (e.g. in this deal) a cash equivelant of 32.5c for each of their MOD shares, OR exchange each one of their MOD shares for 12 SFR shares.

It ended up being a slightly better deal in the end to take the conversion, and sell then if you wanted, but anyone not wanting to be part of the merged SFR entity could just take the cash at the original offer price ignoring what either shareprice had done since and be gone..

I just guessed in this case there is no cash option, we have the 1 to 12 conversion only, so until the merger date, we are subject to that 1 to 12 deal getting more or less attractive based on where AVL's price goes from here.

(That's talking of existing holdings only... Someone buying into TMT now can play TMT's shareprice against AVL so even if AVL was 1c or 10c, you could be winning or losing buying TMT depending on whether TMT's SP was more or less than AVL's SP x 12.)