Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-248

FEX may not matter as I think it assumes parity. However if divergence rise further for SGD and AUD, some adjustments may be needed.

There are 2 coal mining stocks in SGX, good feasibility metrics but SP is volatile due to coal price volatility. But lithium is ascending and I should expect good reception for AMAL.

With strong lithium price and that more investors are in the know of the EV markets, I think the SGX listing for Baldhill will do very well. Note that at one stage in 2017, AMAL SP was at 25% premium to TAW.