Key takeaways for me is that we'll be given 1.1 AMAL shares for each TAW share held, this is an implied offer value of AUD$0.37 which is not great. 1.2 shares would give us offer value of about 40c per share and 1.3 shares would be 44c, much closer to what I would have expected.
Along with the capital raise at below current market rates this does not look like a great result. I 100% expected TAW to take over AMAL and be given 51% ownership as opposed to what's been proposed with AMAL taking 51% ownership.
What am I missing here?
TAW Price at posting:
45.5¢ Sentiment: Buy Disclosure: Held
