That presupposes the market equilibrates. The placements will be...

That presupposes the market equilibrates. The placements will be to a handful of recipients in large parcels. Those who want to buy before the NASDAQ list should bid the price up to something like the placement price in the couple of weeks available before delist but who's to say? It may be that the local price exceeds the placement price but given the state of the markets and the history of local support for TZ on the ASX I wouldn't count on it. Many locals may sell at the end because they don't or can't transfer their shares. That may be a total of 2-3 M at a guess since all the big holders will transfer all their shares for the NASDAQ uplift. If the overseas buying is strong the relatively few shares being sold may mean a better delist offer from CS but I caeasily envisage a large gap between that and the placement price.