KBC thanks for the perspective, as always.

I guess the point I was trying to make is that if Don, as of Jan 7, 2016, has not even talked to Zenith's lawyer(s) about an IPO, then it suggests to me that that there has been very little thought and priority given to commitment to an IPO. For example, I wonder how much work has been done on this issue. Do they have a target list of reverse takeover targets?

So of course I have no idea of where they are at on this issue. I am assuming if they are just getting started on the IPO issue it will probably be 6 months to a year or more before anything happens if at all.

I was quite happy with the new structure (ZCC with ZEL and RVX royalties) because it seemed to suggest IPO possibilities within ZEL. However, then based on the AGM presentation I realized where ZEL is in terms of development and they are just out of the agar dish (lab) with ZEN 3694. Good hopeful signs but there is probably 10 to 15 years of trials before a drug is available if successful in all of the trials. Of course there will be IPO opportunities along the way.

In addition to that based on Don's statement about raising $19.5mm with a burn rate of $6.4mm/year then the cash position is strong for now. i.e. no urgency for liquidity/IPO.

So I can only process and form ideas based on the available information.

As always, I would love to be proven wrong. I really want some liquidity out of ZEL soon but I am not counting on it.

Perhaps those that know Don personally can shed some insight.

So GLTA.

Toinv