I believe it is not as simple as looking at the share price at...

I believe it is not as simple as looking at the share price at this stage. The offer by TAH includes a shareholding in TAH, and the synergies of the company after a takeover would suggest that the share price in TAH will rise significantly in the relatively short term. In other words, TTS holders get a stake in TAH (plus some cash in the hand) and the likelihood of a much increased SP for the TAH holding. With the Pacific offer, all you get is cash and then you have to find some other company to invest in (or not). I am keen to have a holding in the sector and see the takeover by TAH as a way staying in at a low price with real capital growth on offer. All just my opinion of course.