Keeping the focus on the actual T/O offer, here are some...

Keeping the focus on the actual T/O offer, here are some relevant numbers and facts to ponder from the scheme booklet :

11 Aug 2023
AVL offers 10.27 AVL shares for each TMT share, AVL SP on this date is 3.2c, offer equivalent to 1 TMT share = 32.86c
(OFFER REJECTED BY TMT AS TOO LOW)

25 Sept 2023
AVL offers 12 AVL shares for each TMT share, AVL SP on this date is 2.8c, offer equivalent to 1 TMT share = 33.6c
(OFFER ACCEPTED BY TMT TO BE PUT TO SHAREHOLDERS)

5 Dec 2023
Scheme booklet released to TMT shareholders, AVL SP on this date is 2.3c, offer equivalent to 1 TMT share = 27.6c

8 Dec 2023
AVL SP on this date is 2.2c, offer equivalent to 1 TMT share = 26.4c

I find it strange that TMT management accepted the second offer, which was in real terms only ~2% higher than the first. Anyway, there it is, and due to the steady drop in the AVL share price, the offer is currently ~20% lower in real terms than the first offer that was rejected.

All IMHO, DYOR