Here you go fellas for those of you that did not see it, we know...

Here you go fellas for those of you that did not see it, we know pretty much all of it, I however did not know QVT were owed the cash on the 3rd of march and clearly QVT think we are going to be just fine as well and obviously see a return on there commitment.I do apoligise on re hashing on old ground.

regards
NB

Do a deal or TZ collapses, says Mark Bouris Rebecca Urban From: The Australian January 28, 2010 12:00AM MARK Bouris, the financier-turned-chairman of TZ Ltd, is asking investors to approve a highly dilutive rescue plan -- or risk insolvency.
TZ has proposed a debt for equity swap that will deliver a New York-based hedge fund 29-38 per cent of the one-time technology sector darling.

If shareholders give the go-ahead, TZ will issue QVT and its various funds 18.6 million shares in return for clearing half its $24 million debt and overdue interest payments.

The deal, which is detailed in TZ's annual meeting documents released yesterday, follows the company's default on the convertible loan under its previous board, which was led by controversial businessman Andrew Sigalla.

The default was only revealed after Mr Sigalla and his fellow board members resigned last June. They were replaced by Mr Bouris and two new directors.

TZ is suing Mr Sigalla over missing funds. Mr Sigalla, who was recently found to be in contempt of a court order that had frozen his assets, is defending the claim and suing the company for $1m in termination benefits.

Although the QVT rescue plan would significantly dilute existing investors, which included Mr Sigalla, advertising figure Siimon Reynolds and horse racing identities Lindsay Gallagher and Ramon Karangis, the alternative was much worse, Mr Bouris warned.

"Money is due and payable to QVT on March 3, unless the restructuring is approved," Mr Bouris said yesterday. "If we don't get it approved, the company will be technically insolvent."

The dire state of TZ's financial situation was confirmed by Lonergan Edwards & Associates, the independent expert commissioned to analyse the deal.

"If the proposal is not implemented . . . TZ shareholders are highly unlikely to receive any value for their shares, because TZ is likely to be placed in administration," Lonergan Edwards said in a 25-page report also released yesterday. The expert also noted that the company, which has racked up $60m in losses over the past three years in a bid to commercialise its intelligent fastening technology, did not have the capacity to repay QVT.

Mr Bouris defended the arrangement with QVT, which has agreed to have its shares placed in escrow for 12 months.

"The alternative would have been to go out and raise significant sums of money to repay QVT," he said.

"It wasn't about doing a better deal, it was about convincing QVT that there was more upside to supporting the company than if they put it into receivership."

TZ's shares have been suspended from trading for the past six months. The company will apply for relisting shortly after the February 26 meeting. Its shares traded above $6 at their 2007 peak but last closed at 96c.

Mr Bouris and his fellow board members, Kenneth Ting and Willem de Vlug, have not been paid directors' fees since they joined the cash-strapped company last June.

But the trio are set to pick up a package of performance rights and options to acquire shares if shareholders approve.