thanks tpt, page-3

It's kind of interesting to look at the two sides in the takeover who were both broadly opposed to the deal.

In JKA, we were mostly opposed to Tarfaya because we had no real hopes for its success, but we realised the extra cash TPT would bring to the table so TAO-1 was effectively a free shot for us.

In TPT, they were opposed to the merger because it would have diluted Tarfaya. They didn't care that if TAO-1 failed, JKA's assets would give them a plan B.

The perfect example of investor bias in action. We were both looking at exactly the same prospect, but those who already had a stake in TAO-1 thought it would be a success, while those who didn't saw it for what it was - a high risk punt likely to end in tears.

Unfortunately, the merger attempt stuffed both companies instead of just one, because its collapse crippled our SP too.