Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-219

Where are you getting 140m shares for Burwill from?

They currently have 78.5m. They're buying another $7.8m worth at about 33c, which I think is about 23.6m, so they'll have somewhere around 102m shares, which will represent somewhere around 8-10% of the shares in the merged entity.

That doesn't get them anywhere near pulling any strings.

Also, they may have been able to pull AMAL's strings (though there's not evidence of that), but they won't be facing the same weak board in the merged entity. Hence my point about 4/7 of the board members being from Tawana.

Seriously? You're going to infer from the wording in news articles that no shareholder approval is necessary?

Slide 12 of the presentation:


Key point being the Tawana shareholders meeting to approve the deal.....

This timeline also doesn't show the independent report that has to come out first.

You can't merge two companies without shareholder approval. Yes, 32.6% of the votes in Tawana are in favour, but that doesn't make it a done deal.