Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-465

The market has always punished uncertainty - which is what is happening with TAW at the moment.

I feel that this uncertainty has more to do with progress and the resource upgrades more so than the merger. Until we get confirmation of the “significant upgrades”, the market is uncertain about firstly the LOM and secondly if we can support a second DMS which would be the golden gooose so to speak.

So until we get an update on that front, the market will do it does.