takeover thoughts, page-14

OZL Board has been slow to deal with the problems.

Diffulty now in trying to attract a bid from BHP is that the big Australian probably only wants PH.

When Hugh Morgan ran WMC Ltd he realised that Rio and BHP would mainly want Olympic Dam and not the Alumina assets. So he went about demerging out the copper/gold/nickel assets into WMC Resources. This removed the poison pill (for some).

With more time OZL might have been able to maximise shareholder value (and this is what the Board should be about) by demerging out the PH asset. We might have been able to get more bang for our OZL dollar.

Also, if they get $450 million for GG and Martabe why wouldn’t that be enough to get the banks to agree to refinance the remaining debt; particularly if PH is coming on stream.

Concerned that OZL are taking the path of least resistance, but who really knows. We are treated like mushrooms and not told what the real situation is.

Disgraceful disclosure by the company.