why is Oz minerals selling the Martabe gold and silver project, if the Min metals deal is going forward? Should'nt Oz minerals be fighting for every asset it has in its precarious situation? and why isnt there a shareholder vote on this matter?
If Andrew Michelmore is going to Min metals - isnt there currently a conflict of interest, as to whether which company Andrew should be working for? I mean Andrew should be ensuring Oz minerals is getting all it can for its assets, but how can he when the intended future buyer is his is future employer? I mean who is he and the rest of the board/management working for?
Another issue is the fact that Barclays Group bought a substantial amount of Oz minerals at a time when Andrew Michelmore and the rest of managment was seriously worried about going into administration. Now why would a group such as Barclays invest around a 100m in a company that had a supposed, strong chance going into administration?
Oh and finally, Commodity prices have shot up considerably since the min metals offer, so obviously this offer is no longer appropriate. I have a suggestion: refinance, if the current bank(s) won't then change banks and do this until you find one, and lets get on with running this company asap. Oz minerals is supposed to sell commodities not itself.
OZL Price at posting:
$8.25 Sentiment: LT Buy Disclosure: Held
