takeover and aquisitions , page-80

I am hopeful there is something brewing with OZL M&A in the near future for a few reasons but I want to encourage OZL to get a wriggle on or return the cash to holders..

1. TB Language at the diggers and dealers hinted at progress towards M&A without offering any clues other than price was not at bargain basement levels.

2. Even though OZL profit was up and share buyback had reduced shares on issue (theoretically both increasing EPS compared to last year) they conserved cash and reduced the dividend. Is this because they need the money for an imminent deal or project? I am hopeful/suspicious.

3. The board and TB are already under steadily increasing pressure as time passes given poor SP performance and lack of effective use of the capital at their disposal (cash hoard). If they don't manage to do something worthwhile with that cash mountain they give the appearance of being frozen in fear and indecisive even though they are being responsible by not wasting it, they are not making good use of it.

4. Global economics are at a low part of the cycle. Best time to buy.

OZL have done a very good job of running the PH project. It would be a shame if they could not capitalise on it with another project using some of their core people to get it off the ground. If they cant announce any significant M&A activity by December they should let holders put that spare capital to work otherwise it's just under employed.