Ann: Scheme Booklet registered with ASIC, page-139

You'd be very sad to see the section where they think the merger very unlikely to succeed as currently constructed then - due to the value to TMT shareholders of the new entity not being high enough to attract a yes vote.

Over all I thought it one of their better analytical takes, which was basically "The project ought to be amalgamated, but on better terms for TMT, but even then shareholders are betting on a complete step-change in vanadium of which there is little evidence of happening and if it does will be years away"

I think that's the take of most impartial analysts tbh

I'd think a better offer is incoming prior to the vote to get the deal over the line. One more share to take it to 13-1 is my guess. What % does that giv TMT of the new entity?
Failure of the vote will see the SP of both tank about 30% IMO. I haven't been following closely enough to know who is better placed to ride out the next year or so...

For those that are hanging their hat on RCF being experts and "not here to lose money" ; honestly I think they've made a huge tactical error going into the vanadium market. They're furiously bailing out a semi-submerged ship atm.

I found it very interesting the line of the post merger plan that showed the merged entity would look for other opportunities/projects(?) to add value.
I'd bet your holding to a dollar they'll be looking at some cheap tenements for nickel or lithium to explore and hopefully find some interest to keep in the news for the following 18 months...


nowhere fast