Ann: Merger Presentation, page-66

I wish some posters here would wake up. TMT is proposing to swap ~60% of its valuable un-oxidised ore body (with initial titanium credits) for 40% of a crappy, oxidised one that needs special (expensive) processing. I simply can't believe how TMT shareholders can see this as a good deal. Frankly, this proposal is also letting current TMT management off the hook in the delivery of their "integration study", with full bankable financial model, that has been in preparation for the past 18 months. The obligation to deliver that will now evaporate, and they will embark on yet another "integration study" with AVL that will take goodness knows how long. The ore bodies are the big value items of these 2 companies.

All IMHO, DYOR