agm and presentation, page-34

Euro,
You are absolutely right.
By law nobody has to pay the 35cts when they are buying rights in the market. Its your decision to pay the 35cts when payment for shs is due. So when you buy rights at one cent, you havent bought shares, only the right to buy shs.
This means that you are free to convert your rights into shs when you feel like it. If the shs are priced at more han 35cts you exercise your rights and pay a total of 36cts for more shs. If the price is lower you just let it pass and its up to the underwriter to pay 35cts for the shortfall.
I must admit that a few mistakes have been made in this rights issue, Today I read a different timetable. Probably TZL's company secretary has never done this before.
Cheers