Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-21

This is my concern too. I don't think SpinCo will list at a $40m valuation. So basically we are giving up the $40m - Spinco value in this merger.

The benefits of the merge are obvious and their are clear synergies but I don't understand how this offer benefits Tawana holders? I think they should be paying full value for our shares.

The other thing is that while they are pointing out the highlight of this being the only SGX listed lithium play why is it their shareholders/ the Singapore market are placing less value on the project than Australian holders who have a large choice of lithium plays?