agm - tzl is too cheap!!, page-12

There were also a few questions at the beginning of the meeting about the resolutions too. In relation to the QVT resolutions someone asked about the the re-pricing of the QVT notes and if QVT could convert their notes whenever they wanted to and kill the share price with the mother of all overhangs.

Bouris said that as QVT already own 20% of the shares in the company already, if they wanted to convert they would need shareholder approval otherwise they would trigger a takeover. Ting said that the reason why QVT did not re-price the conversion price of their notes in the last two capital raisings is purely commercial - If they did this it was unlikely that other shareholders would subscribe to the raising and brokers would not underwrite the capital raising. I think QVT wants to see the company succeed like all of us. The CEO of QVT went to meet Sing Post.