I think you are overlooking the vast improvement to corporate governance, simplicity of due diligence, reduction in risk and increase in scale of moving from a two-party JV to a single entity.
I think you are so sadly uninformed with your ideas to the point that I am certain that you are trying to be ironic or comic relief.
A40 share price goes north of TAW/AMAL all day long.
TAW Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held