Such a great outcome. PH with little debt, a sitting duck takeover target or cash cow - the perfect senario. Let's all enjoy the feeling that comes with "too good to be true."
Then, the dust settles: As shareholders who have come so close to losing the value of our investment because of patent mismanagement, we must demand immediate management change.
(1) Michelmore must go now. (Not maybe, not when he is ready, but now!!)
(2) Cussack must resign as chairman and board member. He is every bit as culpable as Michelmore.
(3) The CFO's performance has been appaling since he started at OZ, particuarly as he allowed banklines to lapse in November. He must also go now.
(4) The termination payments of each of the foregoing must be made public and be fully justified. Only the lowest payment legally required by their contracts should be made.
(5) As a much smaller scale company, head office must be reduced in size, scale and granduer. Preferably relocated to PH, Pt Augusta or Adelaide.
(6) To reflect the smaller size of the company and the fact that development has been completed, new senior management appointees must be hired on lower scales of renumeration than those they replace. All incentive should be long ternm and tied to shareholder gains (i.e. long term options.)
Today is probably not the perfect time to start such a campaign, but I think that we - the shareholders -must put these demands forward very soon, so as to hold the guilty accountable and to ensure that we do not experience a repeat of the debacles we have endured for the past year.
OZL Price at posting:
$5.55 Sentiment: Hold Disclosure: Held
