acquistion of intevia, page-7

Everything has gone pretty much to plan with this important difference. The deal is MUCH better in several aspects. Now TZ get the lot and all for a relatively trivial sum at first blush. In reality of course PE have not paid anything like $1.27 but realise the true value once floated on the NASDAQ, an even that is now even closer to fruition, is at least 3 but possibly 6 times higher per share. The reason of course is that they divest themselves of responsibility in exchange for pretty much guaranteed multiples on investment. They are and never were interested in the fastening business but want all the bits value added before divesting. TZ has the expertise and now has the division from TFS/AGT it always wanted. It bulks up appropriately for much less than I had thought it could so hats off and standing ovation to the TZ Board for an exceptional result. The dilution is 10% rather than the 40% I had been expecting.

Anyone silly enough to sell at $1.27 needs certifying. The p/e multiples on the NASDAQ are double those mentioned currently applying and there will be at least twice the value applying to the shares at the time of the delist offer. The NASDAQ documentation is almost certainly ready to lodge so expect a lot of activity now in a short time. They have produced as promised so all credit to them.