Ann: Application for quotation of securities - ZIP, page-15

So they were in it in the first place to earn interest and then either get their principal back at the end of the term or be issued shares if the price had shot up. It was a punt but a good way for a fledgling company such as ZIP to raise capital. The price did not go up and the position looked pretty bad, so Larry and Pete convinced the holders that they may not get their money back and their best option would be to accept new CNs consisting of 110k?, each worth 967 shares with a nominal price of 51 cents. They have been converting ever since and selling 51 cent shares into the market. At 81 cents they are reaping the benefits. There's whole load of other implications, but they are getting their money back that they tipped out, just not as much as they hoped and not in the way intended, but the punt has mainly paid off - they've been getting very good interest along the way too