M.K. Could presented his wonderful case to TTY's shareholder to...

M.K. Could presented his wonderful case to TTY's shareholder to dismiss the noise of overpaying.

Overpaying? Come on. It is a steal. we can easily borrow it to show how cheap we have been offered.

Here is M.K. /TTY's true deal:

Sell off CSM's nickel asset for $400m;
Sell off CSM's investment in JML and BCI for $200m
Within 24 months, EBITDA from manganese, and Chromite would be another $400m.

Effectively, asset sales could easily raise $2.7 per share, and 350m TTY shares has got a great manganese and chromite business with $400m EBITDA for two years. It is a dream deal for TTY!

Based on analysis, TTY could easily pay out $3+1.5TTY shares, or $2.5+2TTY shares.

Just read M.K.'s lips, TTY will increase the offer, or get lost. If anyone cannot see it, I cannot help.