according to this interview on "Inside Business" dated 22/02/09
ALLAN KOHLER Well Andrew Michelmore is it fair to say that this is Min Metals or bust? That if this deal doesn't go through OZ Minerals is in receivership?
ANDREW MICHELMORE, CEO, OZ MINERALS: Alan, absolutely at this point in time having stared down the barrel of receivership or voluntary administration at least three times in the last few months, this is the best outcome for our shareholders.
Minmetals initially wanted to take up a CORNERSTONE PLACEMENT in the company
this looks like the only option and is probably what Michelmore is talking about when he refers to the "company's position in relation to Minmetals"
v v v
ALAN KOHLER: And you put the company on the market effectively a while ago, how many potential buyers kicked the tyres?
ANDREW MICHELMORE: We had lots of buyers kicking tyres of individual assets, they thought it was a fire sale pick up absolute bargains but we had to raise a certain amount of money, in terms of looking at the whole company, we've had people looking at bits of equity in the company and that's where Min Mets started they look at taking a placement; a cornerstone placement and as they did more and more due diligence they said no actually we want the lot, so this is the only one that has come for the lot.
more mention on inside business today
worth going over with a fine tooth comb
OZL Price at posting:
$5.55 Sentiment: None Disclosure: Held
