AZphyzer Ltd is a biotechnology company founded five years ago by four partners. As a private firm, it has grown steadily, and developed a good reputation for the development of the latest therapeutics and vaccines. It is now at a major crossroads, and some important decisions need to be taken soon, especially about the sources of finance for the firms potential projects in response to the Covid-19 pandemic. They would need to raise at least 100 million. They have few loans at present, and could raise considerably more. It has been suggested, though, that this is the time for the firm to go public and raise the money that way. It has also been mentioned that the company is in a great position to issue convertible bonds to finance their expansion.

---Compare and contrast the different sources of finance available to AZphyzer Ltd, and discuss the factors governing the choice between different sources of funds.