issue, page-3

As H says, the company has raised operating capital to take it to IPO. Until we see who has provided the funds we won't know how good a deal it is for management or the funders. The bottom line is that we need manufacturing capacity, now further secured through a second SMA supplier, and we await M&A news. Now the latter can take many forms of course. It could be the provision of supply and manufacturing facilities for Intevia. It could be a jv with a major player or it could be a combination of the two. It will be set up to provide the company with an enhanced bottom line to fulfil NASDAQ IPO requirements and as such will greatly add to the forward earnings. On the basis that the deal will lift the placement pe the price of TZ shares will increase. I believe the placement price will be 4-6 times higher than the current price and have positioned myself accordingly. Once the details of M&A are released, hopefully today to avoid an EGM, but if not then still quite soon, the buying from related entities will/should drive the price beyond $10 very quickly. Someone has been capping and that happens for a specific purpose. All it does is delay the inevitable. Small cap instos will buy when their peers start (they're all sheep). The timetable to IPO is very short because actual commercial deals have been signed that mean production is due to start in a big way and market is to be supplied by about next May. There is very little time to organise the IPO. It takes an average 4-5 months to fulfil all transfers from delist and that is at least a month away.