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TZ Limited Substantial Shareholder Increases Stake To 7.34%

TZ Limited (ASX: TZL) substantial shareholder Technical Investing Pty Ltd has increased its stake in the company to 7.34% from 6.05%.

The fund manager had on 4 December 2013 acquired an additional 4,000,407 shares on the market for $441,012, or $0.11 per share, before selling 1 million shares for $110,000 the next day.

The overall increase of 3,000,407 shares brought its total shareholding in TZ up to 16,393,711.

It had in November exercised 5 million listed options to become a substantial shareholder in the company.

TZ had recently entered into formal agreements with major convertible note holder, QVT Fund LP and Quintessence Fund, that will result in the company being free of debt and interest payments.

The company has also revealed it had made a strong start towards achieving its forecast financial year 2014 revenue of $8 million with revenue of $1.1 million in the September 2013 quarter about 17% higher than previous guidance.

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