Make them holy by your truth; teach them your word, which is truth.
John 17:17
Sam is trying his best to keep both Gilly and himself calm during the tumultuous sea trip to Braavos. The Night's Watch ship Blackbird will take them only so far as Braavos, and then Sam will need to find a tender there bound for Oldtown.
Sam is hopeful that the others making the journey with him will find happiness when they reach their destination: Gilly and the babe at Horn Hill, Maester Aemon back at the Citadel, and Dareon in his new role as a recruiter.
The old maester tells them the story of his sea trip to the Wall- how he traveled with Lord Commander Duncan the Tall as his honor guard, along with Brynden Rivers, Lord Bloodraven himself, who was sent by Egg to serve out the remainder of his life in the Watch.
As the trip progresses, Sam finds that nothing he says can console Gilly, and that Maester Aemon's health deteriorates. Dareon has nothing but scorn for the wildling girl, but Aemon tells Sam to look closely at the baby to find the source of Gilly's grief.
When Sam realizes that the baby is actually Dalla and Mance Rayder's, not her own, he can't believe what Jon did. Maester Aemon states, "What threats the Lord Commander made, what promises, I can only guess." And while Sam understands that Jon did so to save the baby from Melisandre's fires, he remains shocked at what cost this will have for Gilly.
Stakeholders
There are a number of important stakeholders who will be impacted by any merger decision; each will be examined separately as follows.
Shareholders
Shareholders will be concerned about the value of their investment, and the returns that they enjoy from it. The shareholders of Rotomyne will have been pleased at the market’s initial reaction to speculation about the merger; it is clear that, from Rotomyne’s perspective, this has been viewed as a positive step. A gain of 7% is a reversal in the share price performance of recent times.
However, there may be concern about the ongoing annual return from their investment. Relative to Lithdig, Rotomyne’s shareholders have enjoyed high levels of dividend payout (based on 2024 figures), whereas those at Lithdig have seen lower payout and more profits retained in the business. If Rotomyne investors have invested in the company historically because of attractive dividends, they may be concerned that the level of dividend may not be as high in the future.
As it is a quoted company, Rotomyne’ shareholders will undoubtedly include institutions, professional investors that take up significant stakes in the company. Such stakeholders would be deemed to have high interest and high power as a result, and so should be seen as ‘key players’. They should therefore be made to feel part of the merger decision; they should be consulted at regular intervals, with presentations delivered on the rationale behind the merger, the gains in shareholder value that is foreseen, and what the future will mean for ongoing investors in the merged entity. Directors should expect to be challenged on matters that are important to the shareholders, and be prepared to answer difficult questions.
Staff
Rotomyne staff may be concerned at what a merger means for them in terms of job security. Those who work at the mines are likely to be impacted the least; as long as a mine still has valuable reserves of potential lithium, it will continue to operate. This means that miners and those who work in the processing plants should feel secure in their positions.
Those who work at Head Office are likely to be the ones with the greatest degree of concern over their position, as some degree of reduction in headcount is inevitable. It is clear that the merged company will not need two complete finance teams, two complete sets of HR specialist, and so on. This could extend to the Board of Directors.
Individually, employees have high interest in this matter, but probably little power. This means that a strategy of ‘keep informed’ can be adopted i.e. the stakeholder is not allowed to determine the strategy going forwards but is kept informed of what developments and implications might be by virtue of their high levels of interest.
Having said that, it is in neither Rotomyne nor Lithdig’s interests to see important members of staff leave, fearful of their future job prospects and seeking alternative employment before perhaps being made redundant. The two Boards should communicate with all staff, allaying any fears that they may have (perhaps by highlighting the growth prospects for a merged business) and highlighting that no definite decision about a merger has yet been taken.
Customers and other members of the business ecosystem
Customers should also be seen as an important stakeholder in this matter. They will have varying degrees of power, depending on the value of their account; some customers whose annual spend with Rotomyne makes up only a small proportion of turnover will have little influence, whereas the motor manufacturer that is Rotomyne’s biggest customer (accounting for 22% of annual revenue) will have much more power.
However, the level of interest for customers is likely to be low. Their principal concern is that they should continue to be able to buy lithium and associated products as and when they wish; this is unlikely to be affected by consolidation in the lithium supply industry. The merged Rotomyne/Lithdig entity will still want to sell, and, given that the price is determined by the market, there may be no impact on price for the customers. The approach that should be adopted here is ‘keep satisfied’; as long as supplies of lithium are not disrupted, customers are likely to be unaffected.
Members of Rotomyne’s wider ecosystem may have greater degrees of interest in this rumour, however. For example, Rotomyne has a reputation for innovation, and strong links with research institutes and customers aimed at looking for new and improved applications for lithium. These stakeholders will be concerned that research activity will continue, that facilities and funding from Rotomyne that are currently in place will continue to be provided going forwards. These stakeholders will have strong interest but, in all likelihood, low levels of power, so they should be kept informed. If the merged entity sees innovation as being of continued importance in the future, these stakeholders should be reassured to that effect.
Competition authorities
The fact that Rotomyne and Lithdig are already significant operators in the lithium mining industry means it is very likely that the merger proposal is referred to the competition authorities for review. Even if this doesn’t happen in the first instance, it is possible that rival lithium mining companies make a referral themselves, concerned that a merged Rotomyne/Lithdig will have greatly increased competitive advantage.
The competition authority will have high power in this matter; if they deem that it is not in the public interest, they can block the deal from going ahead. If the matter is referred to them, they are bound to consider its implications, so they will also have high interest.
Competition authorities should also be seen as a ‘key player’ therefore. The Boards at Rotomyne and Lithdig will need to prepare arguments as to why the proposal is not contrary
to public interest. They should also be prepared to make concessions in key areas, if that is what is needed to appease the authority. For example, if they both mine in a certain part of the world, it might be that they have to agree to close part of their operations in that country so as not to be overly dominant in that location.
Share price movements
Market efficiency
In an active and well-regulated stock exchange (like the one in Porrland), share prices generally move in response to information. Good news about a company generally pushes the share price up, and bad news leads to the share price falling. In a semi-strongly efficient market, the prices would only respond to information being made public. However, in a strongly efficient market the prices would move in response to any information at all – even private information.
Rotomyne’s share price movement
The 10% increase in Rotomyne’s share price is a dramatic reaction to the leaking of the news of the prospective merger. This fits with the semi-strong form of market efficiency – it suggests that the market has been taken by surprise by the article that publicly discusses the potential merger.
The increase in the Rotomyne share price suggests that the market thinks that the merger with Lithdig is good news for Rotomyne. This is very common when looking at acquisitions and mergers. Rotomyne is a smaller company than Lithdig, with lower profit margins and higher gearing. The market seems to be predicting that a merger with Lithdig will strengthen Rotomyne’s position and help to create wealth for its shareholders.
In some cases, when there are rumours of a merger, the share price might creep up gradually over a few days before the information becomes commonly known. This can happen as a consequence of an illegal activity known as “insider trading”. This is where traders act on private information to buy shares just before they are expected to rise in value in an attempt to make a profit. Because the Rotomyne share price rise has been so sudden and so dramatic, it looks like there has been no insider trading in this case.
This morning, the Rotomyne share price fell back from its initial 10% gain, and now sits at 7% above what it was yesterday. This three-percentage point adjustment suggests an initial market overreaction to the news announced in the Investor’s Gazette article.
This often happens when a merger or takeover becomes public knowledge. Investors rush to buy the shares hoping that the shares will be valued at a premium in the merger. Some of these investors will have no particular interest in Lithdig or Rotomyne, or the lithium mining industry, but will just be speculators, keen to make a quick profit. The increased demand for the shares pushes the price up initially. But then over the next few hours and days, the market has chance to reflect on the news, analyse the information that is available more effectively, and gather whatever additional information is needed to make a more accurate assessment of the likely value gain associated with the merger.
After this extra time to consider the Lithdig-Rotomyne merger more fully, it appears that the market still views the merger positively (from Rotomyne’s perspective) but not quite as positively as the initial knee-jerk reaction implied.
Lithdig’s share price movement
The significant decrease in Lithdig’s share price implies that the market is not impressed with the planned merger with Rotomyne. If the capital markets view this as a negative NPV investment, then the share price will decrease. From the market’s point of view, there may be a lack of commercial logic to the merger with Rotomyne (perhaps because Rotomyne is smaller than Lithdig and performed worse in 2024 in all the main KPIs such as ROCE, operating profit margin and interest cover).
The success of this merger will depend on the combined company’s ability to generate significant synergies, and there is no detail at the moment about how this will be achieved.
The drastic reduction in the share price may not persist because the article merely states that a merger is likely (but not certain). There has been no formal announcement of the merger, or the terms (such as the valuations of each of the parties). Lithdig may be able to negotiate terms that give its shareholders a greater share of the equity in the combined company. If this were possible, and if the bulk of any prospective synergies were going to be gained by Lithdig’s shareholders, the Lithdig share price would soon bounce back.
It is also very early in the process. Lithdig and Rotomyne have not made any formal announcement yet, explaining why they think a merger is a good idea, or what the strategic plans will be in the event that the merger is completed. It is natural for the share price to be depressed while those uncertainties are in place, but Lithdig can resolve that through clear and informative announcements in the future
Any person who has no legal right to be on another’s land and enters the land without the landowner’s consent. If a landowner discovers a trespasser is imperial, then the duty can change to a reasonable standard of care.
Any person who has no legal right to be on another’s land and enters the land without the landowner’s consent.
If a landowner discovers a trespasser is imperial, then the duty can change to a reasonable standard of care.
It is the duty of a child to exercise the same care that a reasonably careful child of the same age, intelligence, maturity, training, and experience would exercise under the same or similar circumstances.
Drawing near Maidenpool, Pod Payne can't seem to remember if Brienne is a knight or a lady, frequently calling her "My Lady. Ser." Brienne has taken up his training, abandoned since Aron Santagar was killed by the mob in King's Landing. They soon come upon a farmer, his wife and their cart of eggs bound for Maidenpool.
As they ride together, the farmer tells Brienne that the town has been mostly rebuilt, thanks to the hard hand of Randyll Tarly. The Maid of Tarth hopes she can slip through town without encountering the Lord of Horn Hill, as she owes him a debt but bears no liking for the man.
At the gates of Maidenpool, the captain informs the farmer that he will take his eggs and wife, forcing Brienne to draw her sword. Outnumbered by the gate guards, she is spared fighting by the appearance of Hyle Hunt, a knight highly placed in Lord Tarly's army and a man whom Brienne despises.
Hunt begins to mock her and Brienne warns him that she will sort him out in a melee some day, just as she did Red Ronnet Connington during the melee at Ashford. She asks him the location of the Stinking Goose, but Ser Hyle takes her to see Lord Randyll first.
The commander of Mace Tyrell's vanguard is dispensing his harsh brand of justice when they come upon him. When she is brought before him, Lord Tarly asks her if she killed Renly, and then states he should ship her back to Tarth.
But Brienne reveals the King's document that Jaime has given her, and she informs Tarly that she is seeking Sansa. He responds that Sansa is not in Maidenpool, nor would she be in the Vale, as Brienne has also assumed, since Lysa Arryn is dead.
Brienne is shocked to learn that Sansa's aunt is dead. She heads off to the tavern, sending Ser Hyle off when he attempts to apologize for his actions at Highgarden. Later, awaiting the arrival of Nimble Dick at the Stinking Goose, she recalls the hurtful game Hyle and his friends played at her expense.
Brienne had gone to Highgarden to answer Renly Baratheon's call to banners, expecting to be ridiculed. But unbelievably, many of the young knights she met were exceedingly kind to her, going above and beyond the others to win her favor. Wary of their intentions, Brienne was still vulnerable thanks to hope, but she soon learned the truth. Randyll Tarly called her before him to reveal what he had learned of their game through his son Dickon.
The knights involved had a burgeoning wager on who could claim her maidenhead. Tarly ended their game, but told her the fault lay with herself, claiming her being here encouraged them and that a war host is no place for a maiden.
When Dick Crabb finally arrives, Brienne offers to buy him drinks. Nimble Dick soon launches into his story, egged on by a steady bribe from Brienne. He explains how he offered to help a frightened fool make it across the Narrow Sea.
The fool claimed he had two girls with him, but couldn't chance the ports in Maidenpool. So Dick took his coin and took him and the girls along the shore to an old, now-unused smuggler's cove, up past Crackclaw Point.
Nimble Dick agrees to take her there for a large sum of coin, pointing out that he is from the area, and warns Brienne of the Whispers, a keep built by a mythical ancestor of his, Ser Clarence Crabb.
Slipping through the shadow city of Sunspear during the night for a rendezvous with Princess Arianne, Ser Arys Oakheart considers how unlikely it is for an Oakheart to even be in Dorne. Hailing from the Reach, the Oakhearts have long been enemies of the Dornish. The kingsguard knight left Myrcella playing cyvasse with Prince Trystane, and under the protection of the prince's sworn shield Ser Gascoyne.
Arys recalls his recent first meeting with Prince Doran, who advised him that Myrcella would be safer at the Water Gardens. All her guards and Ser Arys would accompany them there, but Doran asked him not to write King's Landing about the move. When he arrives at Arianne's secret location, he swears he will do no more than tell her it has to end, but her nakedness overwhelms him.
After their passion is sated, Arys is once again consumed by guilt, but Arianne has a response for every one of his doubts. The knight feels he has dishonored himself enough already, and he doesn't want to dishonor her. But Arianne's seductive words and gestures are difficult for him to disregard.
When Arianne reminds him that he told her he loved her, Arys responds that he has sworn a vow. However, Arianne brings up several Kingsguard who broke their vows, most famously Lucamore the Lusty and Terrence Toyne, and even Prince Aemon the Dragonknight (though Ser Arys doesn't believe the latter story).
She finishes with, "It is not our love that dishonored you, it is the monsters you have served and the brutes you've called your brothers." When Arys tells her that King Robert was no monster, he can't help but think that she is right about Joffrey. Although he considers Tommen to be Joffrey's opposite, he can't disagree with Arianne's persuasive words that Myrcella would be a better ruler.
Their conversation moves to Criston Cole, Lord Commander of Viserys I's Kingsguard. At the time of Viserys' death, Ser Cole convinced Viserys' son Aegon II to claim the rule of the Seven Kingdoms. This led to the war between Aegon and his elder sister Rhaenyra, whom Viserys had long groomed as his successor.
Arianne reminds Arys that in Dorne, the eldest child rules, and had it not been for Criston the Kingmaker, even the Targaryen inheritance might have been rewritten. She then explains to him the real reason that Myrcella is being moved to the Water Gardens: "To keep her away from those who'd seek to crown her." Arys tells her that the Water Gardens are not a prison, but she warns him that Hotah will see that Myrcella does not leave, claiming he is terrible when aroused.
Still unable to convince Arys that her suggestions are correct, Arianne hugs him and begins to tremble. Once again, she manipulates him by asserting that if the Sand Snakes can be imprisoned by her father for wanting to crown Myrcella, she could too. She mentions that there are no secrets between Tyene and herself, and then tells him her father has never considered her worthy.
Prince Doran tried several times to marry her off to old men of high birth, and when she was 14 she discovered a letter her father had written to her brother Quentyn, a ward of Lord Anders Yronwood for years. In the letter, Doran wrote, "one day you will sit where I sit and rule all of Dorne, and a ruler must be strong of mind and body."
Ser Arys argues that this couldn't be true, but when she asks him where Prince Quentyn is now and his response is with Lord Anders Yronwood in the Boneway, Arianne tells him that is what her father wants everyone to believe. She has gotten word from some of her friends that Quentyn is across the Narrow Sea, and she is sure that he is hiring the Golden Company, who recently broke their contract with Myr.
The Golden Company has never broken their word since Bittersteel reformed them nearly a hundred years ago, and since most of their members are exiles, the only reason they would change allegiance would be to return home to Westeros. And Anders' ancestors fought in three of the Blackfyre Rebellions, a fact that convinces Arianne that he seeks to crown Quentyn as the next Prince of Dorne.
Arianne's final persuasive words are, "So your two princesses share a common cause, ser... and they share as well a knight who claims to love them both, but will not fight for them." Ser Arys then swears to defend Myrcella's right to rule, and to protect Arianne from anyone seeking to steal her birthright. When he asks her what she would have of him, Arianne purrs, "All. All my love, my sweet love, and forever. But first...Myrcella."
Evaluation of the proposal
Benefits
There are a number of benefits to the proposed merger.
Firstly, Rotomyne and Lithdig are both large operators in the lithium mining industry; indeed, they make up two of the top four largest lithium producing companies, accounting collectively for more than 50% of global sales of lithium by value. This would suggest that, individually, both companies already possess a degree of market power by virtue of their size. This could be expected to increase markedly if the two entities were to merge. They would most likely become the single largest company in the lithium mining sector, which should produce economies of scale in some way.
For example, there may be increased supplier power brought about by the merger. At present, those organisations that look to buy lithium have a certain number of suppliers to choose from. A merger between two of the biggest suppliers in the sector would reduce the options open to buyers; in effect, there would be one less supplier in the market. This might have a favourable impact on the price of lithium on the world commodity markets, which would in turn be of benefit to lithium mining companies. Selling price per tonne, and therefore overall profit margins, would increase.
Secondly, the two companies are similar in size, suggesting that they would be partners of equals in a merger transaction. This would indicate that the term merger is being appropriately used, and accurately describes the combining of Rotomyne and Lithdig. In many instances, the term merger may be used less accurately - if the two organisations are not of equal size, the transaction is more of a takeover in reality. One organisation enjoying much bigger size than the other indicates that the deal is, in reality, one taking control of the other, but the term merger is still used because it has a softer perception in the eyes of the market. In the instance, where Rotomyne has 9 mines to Lithdig’s 10, and the 2024 results and position being very similar, it feels as though the term merger is being used correctly to describe this transaction.
Thirdly, both companies are in the same industry, namely lithium mining, and so both Boards will have complete understanding of the wider business issues that each party faces. This should mean that the two Boards are more confident in accurately identifying where value can be created via a merger. In instances where companies get together which are not so similar in background, the decision makers may hope that value can be created but, with the passage of time once the deal has been done, the benefits don’t actually materialise.
Finally, both Rotomyne and Lithdig are based in Porrland. This means that they are both subject to the same laws and regulations, both converse in the same language, operate in the same time zone etc. This makes doing as deal so much simpler than when the two entities are in different countries. In particular, being subject to the same laws (competition, contract, HR and so on) should lead to a smooth transaction being possible, and so result in the merger being completed quicker than might otherwise be the case.
Risks
There are also a number of risks associated with the proposal.
Firstly ,a merger between Rotomyne and Lithdig doesn’t address the fundamental issue that both companies currently face, namely the volatile price of lithium. As Indira Singh acknowledges, the share price of Lithdig has mirrored that of Rotomyne, and is largely due to the price of lithium on world markets. The announcements recently by electric vehicle (EV) manufacturers of reduced production targets indicates lower demand for lithium, so all mining companies will be affected. It can therefore be argued that a merger is not addressing the fundamental issue impacting the whole industry; just because two large players combine does not mean that demand conditions will change. A merged entity is likely to see its share price affected by exactly the same forces as Rotomyne and Lithdig are currently facing.
Secondly, whilst mention is made of economies of scale in the analysis above, it is difficult to see where these might come from in terms of costs. A combined entity would have 19 mines, all of which would presumably be retained and continue to run as separate operations, so there is little scope for cost saving there. Each would also require its processing plant to continue, as it makes more commercial sense to process on site rather than transport mined product to a central plant for processing. So no further scope for cost savings in processing.
The only real possibility for cost savings might be in administrative roles at Head Office - for example, in human resources, marketing, finance etc. A combined entity would not need to retain two complete sets of staff in such areas. There could also be savings in premises; both companies currently have a Head Office in Porrland, and one of these could be released post-merger, meaning savings in lease costs.
There would also be possible savings through redundancies at the highest level of management i.e. the Board. A merged entity would not need two CEOs, for example. Indeed, this may be seen as a personal reason for all of the current directors not to pursue a merger with Lithdig, fear for their own job security. However, the primary consideration should always be that of looking after shareholder value, and personal issues should not be taken into account in deciding whether to vote for or against a merger.
Thirdly, there may be strong cultural differences between Rotomyne and Lithdig which would take considerable time to resolve post-merger, and so potentially disrupt the operations of the new company and prevent it from realising the gains that had been anticipated. Just because two companies operate in the same sector does not mean that they are similar places to work at. Management styles may be very different, expectations of staff (e.g. being in the office full time versus some hybrid working), rates of pay etc - all of this would need to be considered in the long term and a decision on the best approach to adopt. Inevitably this would then mean change for some staff, which would need careful managing.
For example, there is already a clear difference between the two companies in respect of dividend policy. In 2024, Rotomyne paid out 89.5% of its profit for the year as a dividend to shareholders, whereas the equivalent payout at Lithdig was just 49.6% of profit. The new Board, made up of members of the two previous independent companies, would need to agree on a suitable dividend policy going forwards.
Finally, there is a risk that the Competition Authorities might block any merger proposal between Rotomyne and Lithdig, on the grounds that such a deal would not be in the public interest. As pointed out above, these are two of the biggest companies in the lithium mining industry; a merger might be seen as creating too much power in one company’s hands, and so against the interests of customers and other operators in the lithium market. This would mean that all of the efforts, time and expense (lawyers, financial advisors etc.) that goes into negotiating a deal ends up being wasted.
Preliminary conclusion
It is clear that there are a number of benefits to a merger between Rotomyne and Lithdig, but also some significant risks. The decision is far from clear-cut, and greater time will need to be invested in considering the implications before a final decision can be made. However, it is worth meeting up with Indhira Singh to learn more details of Lithdig’s proposals.
Valuation of the merged entity
When two companies merge, the shareholders of the two individual companies become shareholders in the combined entity. The proportions of shares held in the new entity (e.g. 50:50 or some other ratio) is decided by the respective equity valuations that the two individual entities bring to the combination. So it is critical from the point of view of Rotomyne’s shareholders that the equity value of Rotomyne is as high as possible at the time of the merger.
I have explained below some of the ways that the equity values could be estimated.
Methods of valuation
Market capitalisation
Rotomyne is a listed company and according to Indhira Singh’s email, Lithdig is also listed on the Porrland Stock Exchange. Therefore, the market capitalisations (stock market values) of the two companies would seem at first glance to be the fairest, market-driven representation of the relative values.
However, Rotomyne’s share price has been very volatile recently (it has fallen from approximately P$ 27 in mid-2023 to P$ 7.50 today) and Indhira Singh notes that Lithdig’s share price has also collapsed in a similar way over the last 15 months. This could be purely due to the global price of lithium, but there could be other reasons too affecting the share price in one or both companies, such as the quality of management, brand recognition, quality of products and processes etc.
More analysis needs to be undertaken of both companies’ performance and prospects before a final equity valuation is identified for the purposes of the merger.
Net asset valuations
The lithium mining industry is a capital-intensive industry, so both companies have a significant amount of value sitting in the tangible assets on the statement of financial position. Therefore, in this case a valuation based on net assets could be a sensible way to value Rotomyne and Lithdig for the purposes of the merger.
The main problem with a net assets valuation is that it ignores intangible factors such as brand name, customer service levels, and quality of management.
Discounted cash flow (DCF) valuations
The most common (and theoretically accurate) way of estimating the value of a company’s equity is to forecast its likely free cash flows and discount them at a suitable cost of capital. Valuing both Rotomyne and Lithdig using a DCF approach would be a good starting point as we enter the merger negotiations.
However, given the market volatility in recent years, the cash flows could be quite difficult to estimate accurately. Also, should we use the same cost of capital for both companies, or do they face different risks and hence have different costs of capital?
On the positive side, DCF valuations would enable us to consider the likely synergies that would arise as a consequence of the merger, as well as the cash flows of the two companies as independent entities, so would give a better idea of the likely total equity value of the post-merger company.
Recent industry analysis
Given the volatility in the lithium mining industry in recent times, there could have been other recent examples of mergers and acquisitions that Rotomyne and Lithdig can look at and learn from.
If we can find other recent examples of mergers, we could use information from those mergers to help us to value our merged entity. For example, if a recent merger of two companies has seen combined profits rise, and/or the price -earnings ratio of the combination to increase, we could assume that the same will happen when merging Rotomyne and Lithdig.
How to proceed
Before entering negotiations, the two companies should prepare valuations based on all the different methods explained above. The natural inclination in these valuations is that Rotomyne’s directors will attempt to present a valuation of Rotomyne that is as high as possible, and that Lithdig’s directors will do the same for their company. However, as part of the due diligence procedures in the merger process, these valuations will be independently checked, so any estimates should be backed up by reasonable justifications.
Implications for shareholders
Once an agreement has been reached about how much value each company brings to the merged entity (including their contributions to any synergies that are likely to be created), the ratio of shares to be held by the Rotomyne shareholders and the Lithdig shareholders can be determined.
Rotomyne’s directors have an obligation to maximise the wealth of the Rotomyne shareholders, so they should negotiate hard to ensure that Rotomyne’s share of the combined entity’s shares is as high as possible.
Many marine organisms rely on their ability to hear for their survival. Sound is a
highly efficient means of communication underwater and is the primary way that many
marine species gather and understand information about their environment. Many
aquatic animals use sound to find prey locate mates and offspring avoid predators
guide their navigation and locate habitat as well as to listen and communicate with
each other. Oceans are full of sound. Waves, earthquakes and icebergs - all
contribute to the underwater soundscape. But so do human activities and this can be
a problem for marine life as it can seriously affect their physiology behaviour,
reproduction and even survival. Being able to produce and detect sound in an
environment where light penetrates only a few hundred metres is crucial for animals
to communicate, feed, avoid predators and navigate vast underwater habitats. Large
whales generate low frequency communication calls that can travel thousands of
kilometres. While the snapping shrimp, native to the western Atlantic, can produce
a loud snapping sound capable of stunning and killing its prey. The noise generated
by humans changes the natural acoustic environment of our oceans and our capacity
to produce it is increasing. Noise is often the unintentional by product of
transport infrastructure development and industry. Yet noise can also be produced
deliberately. Many navies use sonar system to detect ships and submarines while
geologists survey the seabed for oil and gas using seismic airguns. The noise
produced by an airgun can exceed 200 decibels louder than a gunshot at a range of
one metre. Sound travels further and four times faster in water than in air at a
speed of almost 1500 metres per second. The noise produced by humans can therefore
spread considerable distances underwater. These sounds can be relatively constant
such as the noise produced by the engine of a ship and propeller or sudden and
acute in the case of naval sonar and seismic airguns.
Linear search is more efficient than binary search when the dataset is small or when the number of searches is very low. This is because linear search does not require the data to be sorted, making it faster for quick, simple searches.
Binary search is better for large, sorted datasets because it divides the search space in half with each step. However, for unsorted data, binary search is not usable without sorting first, which takes time.
In situations where the dataset is small or unsorted, linear search is a good choice because it simply checks each item one by one without requiring extra setup.
In matters of principle, stand like a rock; in matters of taste, swim with the current. Give up money, give up fame, give up science, give up earth itself and all it contains, rather than do an immoral act. And never suppose that in any situation, or under any circumstances, it is best for you to do a dishonorable thing. Whenever you are to do a thing, though it can never be known but to yourself, ask yourself how you would act were all the world looking at you, and act accordingly.
Duty, honor, country: Those three hallowed words reverently dictate what you ought to be, what you can be, what you will be. They are your rallying point to build courage when courage seems to fail, to regain faith when there seems to be little cause for faith, to create hope when hope becomes forlorn.
When questioned, should I become a prisoner of war, I am required to give name, rank, Service number, and date of birth. I will evade answering further questions to the utmost of my ability. I will make no oral or written statements disloyal to my country and its allies or harmful to their cause.
I will never forget that I am an American, fighting for freedom, responsible for my actions, and dedicated to the principles which made my country free. I will trust in my God and in the United States of America.
Defamation is the publishing of a defamatory statement to a third party that causes loss to the plaintiff's reputation. When that plaintiff is a public official, the plaintiff must also prove that the statement is false and that the defendant acted with actual malice. Actual malice is defined as knowing or acting with reckless disregard for the truth.
Dual disc clutches are a high-performance clutch system for manual transmissions that can literally double the torque capacity of your vehicle compared to a single disc system. They work by using two friction discs instead of one, which allows them to handle more torque, more heat and last significantly longer.
Many people believe that television programs are of no value for children. Do you agree? Why or why not?
Model Answer:
Televisual media has become a pervasive force in the lives of families around the world today. Yet, a central question remains regarding whether watching television is harmful or beneficial for children. An analysis of this question reveals that television programs present three major concerns in the case of children, including depictions of violence, the use of profane language, and the representation of poor moral role models.
Television programs that portray violence are a paramount concern for parents nowadays. Recent research has shown that children may commit acts of violence because they wish to emulate the behavior that they see on television. This is especially true when violent acts are committed by well-known action “heroes.” In addition, television programs show cartoon figures, as well as actors, committing violent acts. Using comic situations to depict violent themes causes further problems with the way in which young people view violence.
Television programs that contain profane or disrespectful language also worry parents with young children. Because censorship laws have relaxed over the past few decades, it has become very common for television programs of each and every kind to show characters expressing impolite, rude, and insulting utterances to one another. Bearing resemblance to the case of portrayals of violence, children unfortunately often try to imitate these actions they watch on their television screens.
Finally, some parents are upset about the moral behavior depicted on television. As they struggle to teach their children moral and ethical values, parents might despair about the lack of morals and ethics represented in some of the so-called role models on television. For instance, certain characters not only have no remorse for their immoral actions, but also frequently go unpunished by larger society.
Because of these factors, many parents believe that television programs send their youth the wrong kinds of messages. The emulation of this poor behavior by their children is something they wish to avoid at all costs, and they have accordingly decided to ban television in their households for these reasons.
Television has had a significant influence on the culture of many societies. To what extent would you say that television has positively or negatively affected the cultural development of your society?
Model Answer:
It has been around forty years since television was first introduced into Australian households and people today still have mixed views on whether it has a positive or a negative influence on the society.
Many people believe that television damages culture. It promotes the stronger cultures of countries such as Britain and North America and weakens the cultures of less wealthy countries. This is because the stronger, wealthier countries are able to assert their own culture by producing more programs that are shown widely around the world. These programs then influence people, particularly young people, in the countries where they are shown.
Also, because television networks need to attract large audiences to secure their financial survival, they must produce programs which are interesting to a broad range of people. In Australia this range is very broad because we are a multicultural society and people of all ages like to watch television. To interest all these different people, most television programs are short in length, full of action and excitement, do not require much intelligence or knowledge to understand, and follow universal themes common to all cultures, such as love and crime. Television programs which concentrate on or develop themes pertinent to one particular culture are not so successful because they interest a smaller audience.
Nevertheless we much acknowledge that television does have some positive effects on the cultures within a society as well. People who do not live within their own culture can, in a limited way, access it through the multicultural station on the television. For example, Aboriginal children who have grown up in white families, or migrants and international students living in Australia, can watch programs from their own culture on the television.
In conclusion, I hold the view that television promotes and strengthens those cultures that are wealthy and influential while it weakens the cultures that are already in a weakened position.
The Emperor shall be the symbol of the State and of the unity of the people, deriving his position from the will of the people with whom resides sovereign power.
The Imperial Throne shall be dynastic and succeeded to in accordance with the Imperial House Law passed by the Diet.
Suppose your family owns a plot of land and there is no fencing
around it. Your neighbour decides one day to fence off his land. After he
has fenced his land, you discover that a part of your family’s land has
been enclosed by his fence. How will you prove to your neighbour that
he has tried to encroach on your land? Your first step may be to seek the
help of the village elders to sort out the difference in boundaries. But,
suppose opinion is divided among the elders. Some feel you are right
and others feel your neighbour is right. What can you do? Your only
option is to find a way of establishing your claim for the boundaries of
your land that is acceptable to all. For example, a government approved
survey map of your village can be used, if necessary in a court of law, to
prove (claim) that you are correct and your neighbour is wrong.
Let us look at another situation. Suppose your mother has paid the
electricity bill of your house for the month of August, 2005. The bill for
September, 2005, however, claims that the bill for August has not been
paid. How will you disprove the claim made by the electricity
department? You will have to produce a receipt proving that your
August bill has been paid.
You have just seen some examples that show that in our daily life
we are often called upon to prove that a certain statement or claim is true
or false. However, we also accept many statements without bothering to
prove them. But, in mathematics we only accept a statement as true or
false (except for some axioms) if it has been proved to be so, according
to the logic of mathematics.
In fact, proofs in mathematics have been in existence for
thousands of years, and they are central to any branch of mathematics.
The first known proof is believed to have been given by the Greek
philosopher and mathematician Thales. While mathematics was central
to many ancient civilisations like Mesopotamia, Egypt, China and India,
there is no clear evidence that they used proofs the way we do today.
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