hy results and prc raising out on nzx, page-4

I can't see much chance of NZOG coming out of this a loser.

It's annoying feeding more into PRC, but the CN issue makes better short term use of our cash, the convertibility provides free upside, and the coal rights makes a circa 30% holding with coal offtake potentially stapled to it a potentially very marketable stake for an Asian steelmaker or for a trader supplying steelmakers.

Although I am not impressed with PRC and never have been, looks to me like we must be getting to the point where there is more risk to the upside than the downside, but I suspect until we are in sight of producing 80+ kt pm the market is going to remain sceptical.

As the market should have already factored in NZOG dipping in for the rights issue, I'd have to say the reaction is to the (foreeable) loss.

As for dividend, very unusual if a company makes a loss and still declares a dividend.

EL