Look back at slides 5 and 6 of the June Zenith Corporate update. Right now, the re-organization that happened post-July 31 has ZCC as the private company and Zenith Epigenetics as the subsidiary company 100% owned by ZCC. The future plan (timeline?) is that both ZCC and Zenith Epigenetics Ltd wil be separate private companies and we will own shares of both. ZCC will own Resverlogix Royalty Preferred Shares and Zenith royalty rights; ZEL will own the technology and compounds. So theoretically, if all or part of ZEL is sold, that just means that we still own ZCC and retain the royalty rights. So in some ways, it is similar to the previous RVX/Zenith spinco from 2013. However, I can't explain why they have adopted the ZEL wholly-owned subsidiary approach as a transient stage before the split into two private companies at some indefinite time. This is all my basic understanding and I may be off, so please correct me if I'm wrong.
