Ann: Merger Presentation, page-71

I wonder if this is all just to anchor us to a super low price. Surely the TMT board cannot say this price is a good enough deal to endorse; something else has to be going on. To a few people points, it raises the profile of TMT while we would only be strenghtened with this greater exposure and a No vote. TMT would have a larger profile and continue in our merry way, one day circling back to buy the lower grade higher capex neighbour.

Many people here were talking about selling when TMT gets an offer for $1, $2 or $3 (or Troydt and his infamous $42). Now we are adjusting expectations that 15 AVL shares to 1 TMT could do it.

I'd suggest we all decide on a value that this 3 to 5 year journey has cost and the opportunity cost of extra years waiting. I'd be wanting a higher exit price, if I had to wait even longer to realise a gain. My vote is no to the price, not to the type of exchange of value (TMT shares for AVL), no to the timing, and yes to the intent.