Agree Denben. These parasites (who were no where to be seen from Nov to March) always huff and puff about how under valued the competing offer is.
If Minmetals hadn't made an offer at the depths of misery, this same people would now be sitting back waiting for the adminsitrator to move in so they could rape and pillage our assets.
They are scrambling to get something over the line now only because their deal extracts a massive opportunistic gain for THEM. I have no problem with them getting some of the upside, but as a shareholder, I need to see that I am getting most of it. However, I suspect any syndicate that comes in at this late stage is doing so in order to that they are going to get ALL of it. (Certainly the discounted converabile bond proposed by RBC is totally advantageous ONLY to the syndicate members who get exclusive access to it.)
Let's hope that Macquarie comes up with something better for sharehlders, like a fully underwritten rights issue.
OZL Price at posting:
$9.30 Sentiment: Buy Disclosure: Held
