buyback stopped, page-24

Hi HC42

"Do you feel that OZL is being treated as
a 'value' share?"

Yes I do. I have also pondered the question of OZL getting any dividends out of SFR over the next 5 years ? and I think the probability of SFR paying a divi is remote. Personally think SFR will use any spare cash to attempt to grow the business. I think someone asked this question a good while ago. but not sure and I could be wrong it was even asked.

But in saying the above I think its just to simplistic to leave it at that. A couple of weeks or more back I posted a few posts that just set out the facts and the figures how ozl and TB was/were traveling a report card so to speak they shouldn't be to hard to find and indeed found myself going a little over board with it all and had need to apologize to holders for it which I have no regret doing. But I still believe to this day the posts were factual.

IMO
Until there is a growth profile that analysts can model, OZL will continue to under perform. YES the balance sheet is sound. Yes PH is a cash machine. But without a growth profile its all to no avail. But also tend to feel that over the next 2-3 years they may solve this issue however. They have the cash and the discipline to do it, IMO. (I do not see them doing an IGO).

Then we have the general sentiment of the market that is going about and that's always a HUGE strong mover of the market. I posted this a few days ago on the pna board and although some of the figures now are a tad different its very applicable to ozl as well. "Overall market poor performance. We have got political uncertainty about the mining tax, carbon tax, the budget etc. In the past things of this nature haven't really spilled over into our markets so I'm scratching my head some what. The non-mining part of the economy is in the doldrums - mining doesn't provide many jobs (just some very highly paid ones). An interesting statistic I have just heard a good friend of mine read of late, was that Bunnings employ more people than the entire mining industry in Australia wow that was news to me.

The aussie dollar isn't helping either - the pundits were all slapping themselves on the back the other day when it went below $US1.03 on the back of poor GDP numbers and the likelihood of an interest rate cut. well you have to wonder what they have to say this week with the dollar storming back to $US1.0446 even in the face of calls for more than just one interest rate cut looking like a certainty.

Copper is looking great demand is strong and the stockpile "might" go below 250kt tonight plus supply problems in Sth American plus the annual Chilean miners strike usually takes place in may. Its frustrating that the copper price is reflecting all of this, but the SP of "copper stocks" are barely moving."

Sorry for being so long winded guys. Its Friday the end of the week for many, have a great day and a top weekend. The only guarantee you have is Today. Come on the Crows.

Mx