announcement due, page-26

I've hears all sorts of figures. The pe pitch of 15 was to match the ASX average. I suspect the valuation for IPO purposes (as it is to be on the NASDAQ after all) will be higher but not by much. I expect 20. Once listed the pe will easily rise to the industry sector average, more like 35. Placements for extra shares will all be taken by CS clients in advance of the float so expect CS to be providing industry presentations around the time of the IPO trigger following receipt of the next couple of POs. They have 21 weeks to do their job and that is plenty of time. Before the IPO of course TZ management expect the ASX price to have risen substantially on the basis of the published valuations accompanying the prospectus so there will be no expectation of some massive difference between the final ASX traded price and the IPO offer price although there will probably be some difference. My bet is the local price will drift up to $15-20 before the delist since there will be an abundance of valuation data to base the increase on. Once delisted the price should rise through being supported by additional POs and the higher interest that being on the NASDAQ compared with ASX will bring. I've listened to all the contrary arguments, and those presented here are just a small example, but have not shifted other than upwards as more information is made available. We will all soon see who is right.