Ann: TPG Scheme Booklet Released, page-31

I think you are right, the key being one tpg to one mergeco share, so consolidation should only occur on the side of VHA to equalise share value.

How did they come up with 15bn company? I know it is plastered everywhere.

If 15bn is correct, then our 927m (because of one to one when merged) shares has a value of 7.5bn. Equating to $8.09 per share. Value of Singapore and special dividend would be on top of this.

The main question is whether the 15bn merged co value is accurate.