Ann: USA Institutional Share Placement, page-62

These Non Renounceable won't trade on the ASX like a hypothetical TMZOA type thing.

You simply pay stuff all now (.001 for every 4 normal shares you hold). Then I'm assuming you can convert at any stage in next 3 years at the additional cost of .115 a share.

At end of 3 years you either convert or just let them expire.

In other words, if TMZ trades at 12 cents, you're 'in the money'. Although I'm sure there will be tax implications etc, but that's the gist I'm seeing.

Also, as stated above you need to convert them to normal shares in order to sell. People may convert if TMZ reaches 15 cents, but I'd imagine most will want 20 cents plus before bothering.