I'm not entirely against the merger but I think the valuation...

I'm not entirely against the merger but I think the valuation given to TMT is ridiculous. The share price on a tightly held company like this is easily manipulated and it is very hard to say it is the "true" value. Also, with the expected EPA approval and the dominos that fall thereafter, TMT should be attracting new investors and possibly a rerate. Very "fortunate" timing for people outside of TMT.

I think at the very least it should be a 50-50 TMT/AVL conglomerate.

On the face of it the deal doesn't make sense. That's why I think RCF have given TMT management a bit of an ultimatum.