Ann: Merger Presentation, page-643

Rookie :
So your take is the current proposal is merely stage one of a haggling game ah la Moroccan souk?


As I understand it :
Owning 42% of AVL (prior to the $15m cap raising) is not good enough for you?
You believe AVL should bring TMT on board with a 50% stake?

AVL market cap tonight is about $112m.
That includes new funds this year of $15m from RCF and the $49m modern manufacturing grant ( of which around $10m has been allocated .)
Deduct the $10m and the $15m and you have an AVL value of around $87m?

TMT market cap tonight is $60m.
The merger proposal of 25/09/23 valued it at $71m(?)

But you think TMT is worth $87m simply because that is what AVL would be without the recent cash?

Is that what you are saying ?