simple solution for ozl...call bhp, page-3

Worse case Financing Options

80% Senior Debt done at a higher rate. Roughly US$400m
Junior at a proportional higher int rate...all US$120m done.

$300m -$500m equity Insto placement at 0.40-0.60c with strategic buyers picking quite a few up some id think.

Capital raised....company buys another 2 years and PH is value realised and worth a fortune....win/win.

Everyone wins....BHP becomes main stakeholder as placement gives them an excellent entry point.

Deal gets done quickly in a weekend. Instos have some large holdings here..so placement is strong chance of being underwritten.


Insolvency 10% chance only.


Peace.