Ann: Merger Presentation, page-54

just so you are very clear the board and RCF hold just over 21%..this means there are still 36% of holders who sit in the top 20 and if they vote no then is will be a no to this MERGER not takeover..If it was a takeover as you so wrongly called it a CASH offer would need to be made it is a merger and the AVL name has a bit more relevance that TMT

It will be interesting if the other 18 of the top 20 vote no