nasdaq listing, page-3

H,

These guys are now being advised closely by CS, who are in effect running all the strategy surrounding delist/list/M&A and associated valuation issues and timing. Not to put too fine a point on it, however, the future for TZ is not here and so they are not going to waste time and effort spruiking the company here. In fact I note the company principals have been adding substantially to their holdings. At least 65% is now held in the top 20 and a lot of what is left is also rusted on. The processes you mention are those that mean there will be no listing before the end of 2007 while the procedures are followed. The consolidation is solely for the purpose of the listing and is following instructions from CS. The advantage of the weak market, made weaker by some holders playing games to shake out loose stock, is that we too can top up cheaply. We will never know what valuation CS has already placed on TZL but as there is a major addition to be made we will know more of their thinking based on how it is funded. They will probably not provide specifics at the March meeting as the deal may not be resolved but when we find out what is being acquired and how cash flow positive they are then we should get an indication of the likely delist offer range CS will make. Until then it will be silence and/or frustration to all of us mushrooms.