attn mx-, page-5

I've completely re-thought OZL over the last few days Stefan and the conclusion I've come to is that it was way over-priced at $18.
It was a 1 mine company (no SFR and no Carrapateena) - the over-pricing may have been because everyone (including me) thought that there was another PH just waiting to be discovered in the surrounds. IE. It Was Being Priced As An Explorer.

Fact It's nobody's fault if that 2nd PH simply doesn't exist or is just too elusive.
Realistically the 10:1 consolidation and the share buyback could not have affected fundamentals as you and a few others have pointed out - perhaps the real fair value is somewhere between $7 and $9. So IMO $18 was grossly overvalued. The real problem with OZL is PH, the market is now coming to a more realistic valuation of a mine that in reality has a very short life span.

There was another stumbling block with SFR and that was to do with 20% ownership and that to exceed that they would have had to make a formal takeover or something. HT has mentioned it a couple of times - in fact I wish HT would make a definitive SFR post to the many that think OZL should have gone after it.

The reality now is that the SFR holding is something of a weight on OZL and they need to offload it because they can't do anything with it. However it's the same as money in the bank and they are exposed to any predicted SFR exploration success. If they sell it then I think it would signal immediately to the market that they are on the acquisition warpath and the targets could take defensive action and push their own SP up. So they are probably better off just sitting pat and selling it only AFTER they have actively made a play for the only real prospect out there - RXM in my opinion.

I know many may start sharpening there knifes for me after reading this. just go easy please I'm getting old lol. Cheers.