Ann: Merger Presentation, page-64

RCF if they increased their holding in TMT would be subject to takeover rules themselves and then would require significantly higher % of votes to get a deal done.

This is the first step through a proposed merger which RCF and AVL need and not TMT.

I suspect if we all vote no RCF will be trying a hostile takeover but in all scenarios they won’t get past the tight share registery until a reasonable price is offered.

RCF just made 5x on another investment so they have the money.

I will be voting no along with a lot of other TMT holders I know.