just one opinionI have been in TII.v for approx. eight years (though I was not in at one point during the eight years). I concede that eight years is a long time, I seem to recall that, at that time, the share was quoted a little below $0.25 range. I am quite sure Philip Reichmann was, even eight years ago, a member of the directorate, and I appreciated the chance to invest at a low nominal share price alongside such a prominent investor. As with any undervalued share, a going-private transaction is a possibility, but I lean in the direction that both (a) the switch to reporting in American dollars and (b) the proposed share consolidation render likely a medium-term intention (perhaps a couple of years into the future) of a Nasdaq listing. As for the likely share quote post-consolidation, I would just say that, in my experience, "value will, in the long run, reign supreme." For now, the discount to tangible book value is the shareholder's "margin of safety" which -- for those who may be less familiar with the history of equity trading -- is a Benjamin Graham term. Management at almost every quoted company appreciates that access to capital markets is a luxury that is enjoyed by no unquoted company. In due course, TII.v may seek [a] to qualify as a U.S. mortgage reit (with quarterly distributions!!!) and raise additional equity capital. There are tax advantages to being a U.S. mortgage reit, and the company operations are already similar to that of a U.S. mortgage reit (but without the present benefit of the tax advantages). It goes without saying that each potential investor ought to do his own homework. I have never found a share that is a sure thing, and as to TII.v, I am not a seer. robert