Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-22

Whilst I agree that exposure to the SGX is good, I don't believe that is more important than the current management team and performance of TAW compared to AMAL. We would've likely had that exposure either way the merge went.
I'm just confused as to how the strength of negotiations has some how fell to AMAL and not to us, given they are without an MD.
Ability to raise cash is also not something that I feel necessitates a higher valuation of AMAL compared to TAW. We are about to start shipping spod and cashflows were no more than 2 months away. With no debt and 2 months of cashflows we'd be able to fund further exploration and drilling etc within 3 to 6 months along with a second DMS. Is the 3 to 6 months delay really worth the dilution of shares and requirement to raise $50m of cash? If they're planning on upgrading a reserve to make it a 10+ year LOM then this would seem reasonable to cop that now in the hopes that this will rocket the new company to a MC of $2b+ but with the exception of that it doesn't sit that well with me.


Chances are I'll calm down after I've read through this a few more times so this may be an initial overreaction driven by fear, I'm only human after all...