Ann: Merger Update - Scheme Booklet registered with ASIC, page-28

.... and now TAW 31.5, AMAL 30c. I think the retail investors were spooked by the minority discount in the scheme booklet (which incidentally as you said is only effective in principle for 6 weeks), and people speculating on how far it would fall.

"preferred value" on BDO's DCF model post-merger is 32c = TAW "should be" 35c now, prior to 1.1 for 1 dilution. If you agree with their valuation, then less than 35c for TAW is "cheap", especially if you rate the exploration value and production expansion more highly.