Key takeaways for me is that we'll be given 1.1 AMAL shares for...

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?