Njoy,
Sp 5$ - delist between 15/20$ - listing 30/35$ = 15/20$ profit
Sp 15$ - delist between 20/25$ - listing 35/40$ = 15/20$ profit
Obviously CS wants to get as much shares as possible. The first scenario gives the investors a higher % + they can offer the shares at al lower price. The big problem for CS / TZL will be that the stock is tight. I guess they will not get more then 5 - 10% of the total. So 5/10 million x 15$ = 75/150 million
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