I totally agree, AVL have little in the way of valuable assets....

I totally agree, AVL have little in the way of valuable assets. A "cottege industry" VRFB sidearm, an ore-body with a big question mark hanging over it as to whether it can be economically mined at all, a sexy company name that appeals to shareholders ? And they want TMT holders to accept shares in this developer in exchange for all TMT's assets ? If it was a takeover by BHP or IGO offering their shares, it would be a different story here. But its AVL, a small Vanadium developer with no clear path to actually producing any Vanadium in the near or medium term. Holders might ask the question in any case - what are potential disadvantages of accepting script in any takeover bid ? I saw this play out with the cyber security company TNT over the past couple of years. I made some good profits with TNT after selling out with a profit of a few hundred %. TNT itself acquired around 10 cyber companies with 50% cash/50% script terms, in several cases when the SP was 20c-30c. Sunsequently when positive cash flow failed to materialse, the SP fell back to ~6c, and TNT eventually was sold to Thales for a full cash buyout at 13c/share. The key point is that the former owners of the acquired cyber companies effectively lost $millions on the final deal as they were paid in TNT shares at ~20-30c, only to be forced to sell them at 13c. They were probably pleased they insisted on 50% cash upfront, had it been all script they would have smashed. If AVL are not in a position to make a cash offer for TMT, neither side should be talking about a takeover or merger. If AVL want the the assets of TMT, they should just pay a fair price upfront.

All IMHO, DYOR