According to this article just out, OZL haven't received the RBC/RFC proposal yet and that is why they could make that announcment. Proposal to come Thursday or Friday according to this..
nil.
http://www.tradingmarkets.com/.site/news/Stock%20News/2359568/
OZ MINERALS SAYS CHINESE CO'S RECAP DEAL OFFER BEST SO FAR
MELBOURNE, Jun 04, 2009 (AsiaPulse via COMTEX) -- OZMLF | Debt-laden miner OZ Minerals Ltd (ASX:OZL) says it has not received a superior recapitalisation proposal to the current deal offer by a Chinese company.
China Minmetals Non-ferrous Metals Company Ltd (Minmetals) has moved to buy most of OZ Minerals assets for about $US1.2 billion ($A1.5 billion).
But recent media reports said Royal Bank of Canada and Australia's RFC Group would make an alternate offer to help OZ Minerals dig itself out of its $1 billion debt, due to be repaid on June 30.
"OZ Minerals notes the recent media speculation about possible recapitalisation proposals," a company statement to the stock exchange said on Thursday.
"OZ Minerals has not received a recapitalisation proposal which it considers to be a superior alternative to the China Minmetals transaction," it said.
OZ Minerals directors have recommended to shareholders that the Minmetals deal be approved at next week's annual general meeting.
A vote by shareholders is the final impediment to the deal proceeding.
The Australian Financial Review reported on Thursday the Royal Bank of Canada and RFC's refinancing plan would be presented to OZ Minerals as early as Thursday, one week ahead of the annual general meeting.
Sources have confirmed to AAP that a refinancing proposal will be made to OZ Minerals either Thursday or Friday morning.
"It hasn't gone to them (OZ Minerals) yet, that is why they can put out that statement," one source said.
The plan would involve $US1 billion ($A1.25 billion) in new equity and convertible bonds and another $US200 million ($A249.94 million) in a working capital facility.
Last month, OZ Minerals told shareholders it was not aware of any offer better than the Minmetals' deal.
"In the future an alternative proposal may be put to OZ Minerals that offers greater value for OZ Minerals shareholders than would be realised under the (Minmetals) transaction," it said.
(AAP)
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- proposal to come thursday or friday!
proposal to come thursday or friday!
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