what a joke, page-47

When it is all said and done, this LG/AS' move would prove to be just a blip on the screen in the big scheme of thing.
As we are now all acutely aware, QVT is in the box seat and AS by not paying the interest has put them there.
If I am sitting in the war bunker in QVT, I would be working on what can be done. I would doing my utmost to protect QVT's investment.
The options as I see it would be:
1)at least convert half of the 24m note into shares to ensure AS would lose the EGM vote but still retains 12million in convertible note as a backup if AS for some reason wins the vote. This would still allow QVT to call back the note essentially then putting TZL into administration under the management of LG/AS unles LG can repay the 12million debt.
2)Exercise the right to put up 1.9million for the convertible note thus becoming also secured creditors should LG/AS wins the EGM vote.
3)do nothing and call back the 26m debt when the board changes thus sinking TZL
I do not believe that QVT would fully convert their note thus losing their ability to influence TZ's direction. Incidentally I am comfortable with QVT presence rather than the continuing presence of AS.
LG/AS' move may well prove to be a blessing in disguise for TZL in securing further interim funding as QVT would probably wants to become secured creditor by exercising the rights to subscribe to the 1.9m convertible note as an insurance policy against the return to AS and his associates.
I should also now pointed out that after googling AS' current legal advisors(who specialises in IP), I feel vindicated in my long held belief that TZ's IP has been in the sight of AS.
Importantly going forward for the current board, the nuisance distraction value of AS and his associate in calling EGM at the drop of a hat should be mitigated to allow the company to concentrate on the main game and not waste resources on ego trips of some shareholders.