Kenneth, you might well be onto something. Martabe still up for sale...why? The new offer meets the hurdle that FIRB set, so should be fine. The new look OZL will be debt free with $600m in the kitty. Where is the most obvious organic growth prospect...Martabe? Now why would you sell that. a)strip away the chaff to make Oz (PH) more appealing to BHP. b)So you have +$800m in the kitty and then proclaim to be on the acquisition trail again...we know how that turned out last time! c)as you mention...more cockroachs, or cockroaches who have not finished their work. Looking back with the wonderful power of hindsight OH had a lot of early followers who made handsome profits and will no doubt follow him again. What he did not have was an exit strategy, enter AM and Zinifex. OH cashes out, timing is perfect. That was good business and long term followers will follow him again. So here we are again with AM at the helm and OH back at the table saying my mates and I are happy to take Martabe off your hands for $260m. Of course the excuse will be the banks made us sell it for short term cash, even though we did not want to. AM goes of to China and cashes out, OH is set to go again with some ex-OZ mates like PAllen, and Oz is stipped bare to just PH and cash, making a perfect meal for BHP and allowing punters in the know to make a killing from 50-60c while retail who paid an SP of $2-4 get smashed again. Then ask yourself why people like AM are well supported by those with the clout to put them there and keep them there, even though a small percentage of holders (retail) are braying for their blood.
Add to My Watchlist
What is My Watchlist?