The announcement states, they "will continue to work towards an...

The announcement states, they "will continue to work towards an ASX listing as soon as practicable following completion of the merger". Alliance have to apply for admission to the ASX which could potentially hold up the merger for an undetermined amount of time.

The Cowan shares were also spoken about in a similar fashion, "likely through an ASX listing in due course, there is no guarantee that this will be achieved". (from June 1st announcement).

It's not all doom and gloom.

Worst case scenario, you hold shares on the SGX where the Singapore Dollar has been steadily rising against the AUD for the past few years.

JG