games continue, page-28

Here is another game maybe being played.

OH makes best offer for Matarbe and says "I will buy it before 27th Feb at that price". Board thinks given the certainty of sale and proceeds to repay required debt by 27th they give OH the nod as buyer (thus markets perception that sale will be announced this week).

Having got to the front of the queue OH then gets greedy and holds off buying at last minute to pressure OZL into administration with the hope of making a lower offer to the administrator. Dity game to play pushing OZL to the edge but nothing to lose. If banks extend finance he just finishes agreed deal and if not he might get it cheaper.

If the board had thought he was going to reneg at the last minute they might have sold to someone else who would have honoured a sale. Too late now!

At the end of the day the uncertainty and fire sale nature of assets is due to the banks wanting their money back early. To not roll over for a couple of months now would be an act of bank bastardry in the extreme.

goodluck