working backwards, page-23

The ostensible (and long avowed) purpose of the NASDAQ float was to move to a relevant tech savvy market and the associated bulk up was to satisfy listing requirements with the float acting as the conduit for the M&A payment. Klaas suggests SMA companies (of whom much has been discussed here in years past), in particular as they relate to medical devices such as stents. While I expect such SMAs to be acquired for strategic reasons, I suspect they are not sufficiently large for the principal aim ie bulk up on a low pe company. Such could ideally be acquired for the issuance of 7-8 M new shares worth US$200M. If a smaller company such as an SMA worth somewhat less while still fulfilling listing requirements is acquired at a much higher pe, then they would have to provide significantly less cash flow, perhaps only US$10-20M pa over 3 years. We shall soon know.

Capman, your assertion that TZL is not able to list for 3 years ignores the long stated strategy adopted by the company ie M&A then list. The timetable to list will be announced very soon in all likelihood then we will see if our patience and expectations are to be rewarded in the measure anticipated by several of us for some years. I did not invest a couple of million dollars on an idle whim I can assure you! Nor indeed have several others in a similar situation who have made it their business to be as fully informed as I have.