I expect a gap between the delist offer and the price realised...

I expect a gap between the delist offer and the price realised on the NASDAQ (day 1) not a gap between the ASX price and delist offer. There should be equivalence in those prices. If the price indicated in the prospectus that is predicated on forward earnings, themselves based on firm orders, is not reached on the ASX then why should that materially affect the price offered for large placements? Yes, those offered large placements may be able to purchase some shares for a lot less but if you want a million shares don't you think the price is likely to be driven up significantly? In the end, the price will be set by aggregate demand determined by how many units are sold. The numbers and the time frame are only to be guessed at until the prospectus is received. Those who are more confident in their analyses of underlying potential will of course be more confident than those who apply a low ceiling to orders, prices and probably most other things. I'm glad to say I am one of the former. It is really the only reason for investing in TZL or anything else.