EPA update, page-11

"From past experience, I think this means that TMT has completed Stage 3, and is now in the process of Stage 4 (at the beginning of). Stage 3 is where the lion's share of the time is usually spent, stage 4 is much quicker, stage 5 is quicker still. I would have thought this should change the landscape with regards to the merger terms, TMT deserves an improved offer.All IMHO, DYOR"


Agreed - except for the part about improved terms.

The case to dump this 'takeover' idea just grew 1000 times stronger. TMT is so very well placed to go it alone, that I cannot think of a single reason to continue to entertain the idea of a takeover - regardless of share ratio.

The question could be - does this now make the possibility of a cash offer from a 3rd party more likely?

Either way, I cannot see any advantage to having AVL on board - except the name, they are bringing nothing to the table that TMT don't have.

RCF would be better served withdrawing from AVL and supporting TMT towards finance and construction.


Where that leaves AVL is anyones guess sadly - and I get no joy in that statement at all.