Tada - I believe we are on the same track now. 

Koo - My interpretation of DM's statement at the last AGM is that should a Pharma want to purchase ZEL, at that time or just before, ZCC would issue or dividend shares of ZEL to the shareholders in proportion to their ZCC holdings. ZEL would no longer be a wholly owned subsidiary rather a company owned by us just as ZCC is. ZEL would own the IP and ZCC would only own the Royalty Preferred Shares. ZCC could continue  with collecting royalties from RVX if any but would need some cash to get to when that started. Something might be designed at the time of ZEL issuance to withhold a certain amount of cash for operations even though the operating costs wouldn't be huge. ZEL could then be bought by Pharma by purchasing all of the outstanding shares of ZEL that we would have just received which would then flow the proceeds directly to us. The sale would be a taxable event which they don't want within ZCC so it would bypass ZCC and be a taxable event to us but we would have just received the proceeds so could pay the tax.