due dilligence, page-10

I see the valuation of a NASDAQ floated entity comprised of about half the leftover requisite TFS divisions, TZL and a couple of additional M&A announcements to come in the form of small high tech design companies (such as smart materials) will be placed at something like US$1.2B (top of range) making the likely TZ component around US$300M. If so then I expect the TZL list price to be around US$2.25 but demand for stock could greatly affect that price. I do not believe the top 20 will part with their stock in large part but I also anticipate an ASX delisting. While it is possible later this year that holders are offered about AU$3 per share I for one will not be selling anything more than about 20% to square the ledger with the rest earmarked for the really big profits to come as a result of the imminent license announcements and applications following the float. The list of companies I have heard that are backing a float mean it is unlikely that there will be much spare script floating about so higher prices may well be achieved in the shortish term. Long term (say 3-4 years) the price may well be a further substantial multiple for the original holders (at float). I intend to be one of them.