Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-271

I think I have read through the most important passage of the 126 pages. It is a friendly Takeover. Advantage to AMAL is small but unnecessary particular under the current circumstances (production, upgrades, etc). AMAL gets TAW plus 15% of Spinco and the value of Spinco is currently not market based. Yes I can see upside but the deal could have been done also the other way around. I don't like the CR structure leaving retail investors in the rain. I would have loved to get some shares for 41c. The rest is all spin and without knowing any of the senior management staff good enough caters for the shareholders 'belief system'. The important think for me is what is in for me and my capital invested (considerable amount). Firstly I see a drop due to dilution combined with a SP increasing spin effect. Interested to see the outcome which will impact on my vote. I don't belief the saga that because senior management has a large stake that they can not be 'reimbursed' in a TO in a different manner. Sen that before. IMO