Suggestion for the independent directors Request TS to withdraw...

Suggestion for the independent directors

• Request TS to withdraw TO offer and in return TAP buyback all of TS TAP shares at 12c (71% premium on 7c and 32% premium on 9.1c) at cost to TAP of around $16M.
• TS makes a 71% profit on all TAP TO shares acquired at 7c and 32% profit on all TAP TO shares acquired at 9.1c.
• Tap Share register reduced to around 298M and remaining TAP SH’s have increased profits going forward.

Question – if TS rejects the above offer of 12c, then why should other TAP SH accept 9.1 c ?