Control of the Mark Bouris-chaired technology tidder TZ Ltd will pass to its major creditor, US hedge fund QVT, after shareholders approved a bailout recapitalisation today.
Shareholders had been asked to vote on a debt-for-equity swap that would deliver up to 38 per cent of TZ shares to QVT.
TZ had earlier defaulted on a $24 million loan.
All resolutions before the meeting were passed, including one offering Mr Bouris 800,000 shares upfront in the company plus a swag of options that over time could deliver him up to 5 per cent of the company.
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Earlier, TZ declined to allow media into the meeting.
mevans@smh.com.au
