Sabine I’ll make it easy for you, which is hilarious I’m doing...

Sabine I’ll make it easy for you, which is hilarious I’m doing this after you’ve called me a special case.

Lets say the deal was done at 19:1, which would be a 50/50 split.

on the TMT side, RCF make 0.18 (18% of register) x .5 (50%) = .09

On the AVL side exactly the same maths for 0.9

combined they have 18% of the combined entity, because, surprise surprise, they hold equally in both sides and it’s a 50/50 deal.

now compared to the current 12:1 which is 38/62

.18 x .38 = 0.0684 TMT
+ .18 x .62 = 0.1116

combined, this gives them, you guess it 0.18 or 18% of the register!!!

if AVL got TMT for nothing, they’d have 18% of AVL, 0% TMT

now you can see here why no one cares about RCF’s support of the merger, they cannot lose regardless of what ratio is proposed. They get ALL of the upside of the components of the merger that led the independent expert to deem it reasonable, with NONE of the value that led the expert to deem it unfair. They’re playing a different game to us.


QED