re: questions to be asked, page-13

re: questions to be asked MM,

Patience wil be rewarded. In overall temporal terms, the delay is unimportant. The scenario really only arose a little over a year ago and it was always going to take until about now at the earliest to perform the necessary M&As to reach critical mass for an effective NASDAQ listing. The delay may only equal 2-3 months in that putative timeline.

When the TFS sale was mooted this would have necessitated an altered strategy whereby the smaller plays could be sidestepped in favour of one big play. That, as discussed here interminably, would have meant the selling of the majority of unwanted divisions of TFS. The current scenario is the exact equivalent in terms of outcome. TZL will buy a stake. It will be funded appropriately. The increase in size is immediate and the value of the new entity will increase disproportionately as the demand for stock will return two underperformers to more realistic valuations.

No doubt the silence from PE is a further manifestation of the convoluted deal in which PE dispenses with a fraction of the TFS empire, say 15-20% for ~US$100M, and in exchange they take a share of the NASDAQ listing in TZ. No TZ, no Intevia thus no point in taking on TFS. If this is not so then why no PE rebranding of TFS with Intevia shouted from the rooftops? After all the deal was supposed to have been concluded on August 11. Obviously it wasn't, hence the silence from PE. They are after bigger fish as well.

I have no doubt that they are not alone with many others likely to be queued up for a similar placement. Airbus, GM, IBM, Toyota, Alcoa etc etc come to mind. Delays are unfortunate but this stock will fly when the deal is announced due to stock shortage and demand. Most stock will be unavailable. You will be offered a good price in exchange for the current stock being delisted here. I say "you" impersonally as I will not be selling at the delist. Why would they stay in this pathetic backwater consisting of such an unsophisticated market when their future is everywhere else?

As Klaas has said, have a relaxed weekend and all will be sweetness and light in the very near future. And for those with a slightly longer timeframe than many, remember CGT discount! 90% of my stock is already sitting pretty.