ozl rejects rival offer, page-13

Dodds,

Good post. I also get the impression Michelmore has reach the level of mental exhaustion and has put himself through the mill over the last six months. That is nothing the shareholders have done. MIchelmore and the board get excellent remuneration and bonuses,(if they meet benchmark levels of achievement - not all that challenging really, you just need to keep your house in order, be proactive in solving potential problems and reduce costs.)

In my mind, Michelmore & Hegarty, (now left) are paying the price of leaving important details unattended to, overspending on a diversity of projects and not attending to the problems in a systematic, logical step by step approach. It's no more difficult to running a household on a budget, prioritizing expenditure and ensuring there is always sufficient cash flow. I think he also has problems delegating workload and is probably close to a nervous breakdown over this.
Hence the decision to abandon any further consideration on offers that are too complicated and process intensive and/or have an indication of perceived risk.

This latest offer by RBC & RFC is obvious in keeping long term shareholder value for Oz Minerals. Selling assets is a panic, safeguard solution whereas keeping them is a challenge in organisation, budgeting and prioritising, which is something on medium to low wages can do.

When these executives get overly rewarded for their work some of them loose sight of the important issues to attend to, like keeping a household budget.

Michelmore has no excuses, and should he not take an alternative offer to this MM deal, then, he should step aside and allow a better skilled exec run the show.

Unbelievable conduct from a Rhodes scholar.