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Goldie, We're in fierce agreement!

PDT is a mature "service" business, so will attract at best an EBIT multiplier between 5 and 10 - at the upper end only with a very convincing growth story.

Depending on your point of view, PDT could be viewed as an anchor weighing TZ down, or a life preserver keeping it afloat.

Whilst the two businesses are synergistic operationally, they may be antagonistic when it comes to market perceptions.

(As an aside, IMO at least one previous major capital raising by TZ would not have happened without the credibility leant to it by PDT's operations.)

I'd like to see TZ get to a position where it is self-sustaining before thinking about carving it off - ie cash-flow positive (at least on a forward-looking accruals basis, taking order book into account) in its own right, without cash support from PDT.

Maybe that's just me being conservative - ie not ever having run a business where I can badly miscalculate predicted cash flow, unexpectedly run out of money, then simply ask investors for more.