As per the last set of financials, TZ has a book value of...

As per the last set of financials, TZ has a book value of $6.5m

There are 185m shares on issue (not including 38m options)

This give a book value of 3.5c per share.

Out of this, cash backing is currently less than 1c per share

The last quarterly points to a loss of about $6m to $12m depending on the derivative revaluation (QVT notes).

Our current lofty share price is based solely on a perception that management will turn around the company. It has been almost 4 years with no improvement. This is why the share price is getting spanked - no belief in management's ability based ample time to perform.