Ann: Tesserent enters into Scheme Implementation Deed with Thales, page-122

I doubt that many of the owners of the cyber businesses acquired by TNT are very happy with the deal, except perhaps those that got bought early when the SP was below 10c. I looked up the details for Seer (Scott Ceely). Seer got $5m cash and 76,923,077 shares which were worth 19.5c on the day the acquisition was announced (23/7/20). That's $5m cash + $15m in shares. At 13c, the shares are worth just $10m, so they will loose $5m, so going backwards over 3 years. There will be others is the same boat. In Sept 2020, TNT bought IQ3 with cash + 34m shares at 24.96c (so even worse). No doubt these businesses would be worth a lot more today than 3 years ago too. I'm surprised that these former business owners aren't rioting over the terms of this proposed takeover by Thales.

All IMHO, DYOR