We had upwards of a thousand million dollars in cash and a debt around the same and we chose to spend that cash on something currently worthless.
We ineptly failed to capitalise through any hedging at all on prices for base metals during a period that they were absolutely stratospheric.
After the writing was on the wall, we rewarded the ex-director who said "stronger forever" and presumably influenced the course of corporate action based on that ludicrous notion, happy to spit in the face of share-holders who voted the proposal down but believe us whose interests we now deeply feel.
If you don't vote for the take-over (at a generous premium to the currently shattered SP) you can rest assured that we will then struggle ever so valiantly to illustrate that you were right and we were wrong (again).
Hey, if we did happen to survive (there is a big foreign mining company who thinks we have resources worth extracting at a profit, but we don't think we could) don't worry about us, we can take it - look at our record!
It's bad enough what this company has done to its value without being insulted with this defeatist letter, so typical of their pitiful corporate performance.
OZL Price at posting:
61.0¢ Sentiment: None Disclosure: Not Held
