There has been some good debate on this thread. Both sides have presented good arguments.
The current sp, IMO, assumes that the MM deal goes ahead and we are left with PH, TOE and some exploration assets, plus the cash. The sp also reflects a new CEO and a new chairman.
A NO vote will cause great uncertainty, and will IMO, cause the sp to drop significantly. The issue with the defaulted loans will not be resolved, and as other posters have indicated, there is potentially some personality conflicts affecting the banks behaviour. With the sp dropping, a rights issue becomes more difficult to execute, and OZL faces administration.
OZL has signed the deal. To do anything know to retract or alter that deal will be difficult.
While I agree that the assets are being sold off dirt cheap, the alternatives did not much appeal.
Like Dodds, I had similar emotions, but I remember a fellow investor that told me to never fall in love with a stock, so I put my heart in a box and voted YES.
HT1
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