Your points about FFT are valid but I would like to add some...

Your points about FFT are valid but I would like to add some further thinking if I may. Maxsec and FFT are both finding it hard to be successful because of their small size. Notwithstanding your very valid concerns about FFT, which I agree with, I have some concerns about Maxsec as well. The Ava business looks nice, but Maxsec shareholders only get 68% of the Ava profits, as the operatives in the Ava business enjoy a shared bonus pool of 32% of the profit. In other words, when Ava starts making money we the shareholders will only see 68% flow to the bottom line. Also, the BQT access business has struggled to get traction for 10+ years of operation, and is a drag on the current Maxsec business.

The benefits of a merger (I wont reiterate the benefits as that has already been covered) will give the combined Maxsec/FFT company a much better chance to operate successfully in what is a very competitive global marketplace. As a shareholder of both companies, I feel the merger deal is reasonable and that the value for both groups of shareholders will improve as a result. IMHO