Considerations against the merger, page-11

Some may call me naive, but I am taking this merger set up as evidence that 1. Alliance recognise that TAW are the backbone of this operation, and have no intention of messing with that from an operational standpoint. 2. For whatever reason, TAW recognises AMAL provide substantial benefit in terms of financing. Perhaps access to particular investors? That's wildly speculative but it seems obvious to me that if TAW could be doing it without them they would have.