I understand the equity offer vs cash, and haven't been one to...

I understand the equity offer vs cash, and haven't been one to say we should be getting cash instead (It would be nice but I don't expect it... Though AVL and RCF could afford it if they wanted to).

Mainly I just think it's a simple 1 to 12 conversion.
The 32.5c was just a 'reference' price based on where AVL and TMT's SP was in relation to the 1 to 12 conversion at the time of the merger announcement.

But then you mentioned the cap on TMT's price which I didn't think was a thing really and now it's gone into ultra complicated territory where I think it's simple.

On merger day TMT shareholders get 12 avl shares for ever 1 of theirs.. I don't think that changes.

Whatever AVL's price is on that day is what the final actual price per TMT share will equate to..