at last i understand, page-6

Unfortunately OZL is even a risky day trade at this stage before the refinance deadline as it could go into a Trading halt at any time and not come back again....

http://news.smh.com.au/breaking-news-business/oz-minerals-refinancing-deadline-looms-20090224-8grj.html

OZ Minerals' refinancing deadline looms
Rebecca Le May
February 24, 2009 - 7:49PM
OZ Minerals Ltd looks increasingly unlikely to meet its deadline to refinance about $1.2 billion in debt by Friday, which could see the ailing miner placed into administration next week, analysts say.

Massive volumes of OZ Minerals shares have changed hands since it came out of a two-and-a-half month trading halt on February 16 after accepting a $2.6 billion takeover by Chinese state-owned resource group Minmetals Non-ferrous Metals Company Ltd (Minmetals).

OZ Minerals shares closed 4.1 per cent lower at 58.5 cents on Tuesday - below the 82.5 cents per share Minmetals' bid price, suggesting the market does not believe the takeover will succeed.

DJ Carmichael resource analyst James Wilson told AAP that more volatile trading was expected on Thursday and Friday as the refinancing deadline approached.

Mr Wilson said the broker had advised its clients to be aware that OZ Minerals now offered "100 per cent downside risk".

Investors could find themselves with shares worth nothing next week if they hang on, waiting for banks to throw the miner a lifeline.

"It's like walking towards the guillotine," he said.

"It's a particularly precarious situation.

"If it (debt refinancing) doesn't go ahead, there is going to be no OZ Minerals on Monday."

If the refinancing is successful, the Minmetals' deal can be completed by June provided conditions, including Foreign Investment Review Board approval, are met in the meantime.

OZ Minerals' financiers could be motivated to allow the refinancing deadline to lapse, knowing they will get their money back faster by letting the miner go into administration and be stripped of its assets.

"If it went into administration, potentially the suitors could get the assets cheaper," Mr Wilson said.

"Unfortunately, the shareholder is the last person to be satisfied in these deals."