alternative proposal- 48c raising?, page-17

It's not too late to vote no, and force Michelmore to look at the alternatives on the table. Barclays would not have bought in if was a serious risk of administration, it's quite obvious they've overstated this risk. Unless Barclays knows which way the votes going to go (which I doubt), they're not going to gamble a few hundred million.

I've delved into the figures and certainly current p/e of OZL is not too bad compared to lower cap peers (nobody really comparable mid-tier I could find). Many small cap nickel, zinc miners with cash in bank running at p/e's of 2.2 to 2.6 on current prices (if you sub their cash from market cap). The assets being sold to MM represent approximate p/e of 2 to 2.1 (you can work this out based on current metal prices, nothing mysterious here). So conservative guestimate around 10-15% discount to market price. However prominent hill seems to have a disproportionately high p/e, based on our current SP.

Smaller cap miners have shot up tremendously in recent times, average of around 180% of ones I follow - but what I forget is they dropped to much lower lows (from their 52 week high), compared to OZ. So modest OZL gain of around 70% is probably in line taking this into consideration.

In any case I still would rather avoid selling at the bottom of the cycle, but perhaps the cut and run investment style will suit others just fine (and there's nothing wrong with that).