funny day, page-4

strayda

We have debated the DKR situation up and down and all-over and its hard IMHO to come to a definite conclusion as to what they will do. We all seem to expect that they will convert before 4 June. But what happens after that is anyone's guess. Then again they may not convert by then UNLESS TZ notifies them of their intention to redeem the n Notes (the T&C of the Notes says that TZ has to give a minimum of 14 days notice, and of course once that is received DKR can convert within that period). The earliest they can redeem the Notes is 18 months from subscription and that's somewhere between 30 May and 4 June.

What we are hoping is that they will convert and offer their shares to the highest bidder. And we assume there are a few bidders lined up ... but at what price??

As zo po mo said some time ago on this topic ... if you were TZ and you could redeem the notes then offer the shares to interested parties that's what you would do (you might offer them to parties that have backed you like QVT or CS or other instos). Most likley all of that would be done via a funding facility from a broker or insto so that no outlay is essentially required by TZ.

What we hope is that as of around that timing or before (I don't think much before) DKR will make their intentions known to TZ and then we will have some sort of announcement about the Notes. The removal of the overhang SHOULD allow a more liberal (to say the least) information flow and it would not be unreasonable to expect some significant news thereafter.

Bring it on !!

H