The same goes for Oz Minerals chairman Barry Cusack. After trumpeting this $12 billion merger of Oxiana and Oz Minerals, Cusack proposed a $10.7 billion golden goodbye for founder Owen Hegarty, which was based on assumptions that the share price would top $6 by 2010. Shareholders overwhelmingly voted this down, so Cusack turned around and gave his old mate $8.4 million anyway. Oz Minerals then blundered over its disclosure of Hegarty's margin call sell-down and last traded at 55c before it was suspended on November 28. This was because of emergency negotiations with its banks, something that came as a complete shock to the market which was used to the company talking about its huge cash deposits.
Have presided over this monumental debacle, Cusack should resign today. The lad also copped a 21% protest vote at the recent McMahon Holdings AGM and will be voted off the Toll Holdings board in 2010 if he doesn't resign first.
OZL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
