re: Ann: IXR: IMX signs Heads of Agreement to... Hi PilatusYou...

re: Ann: IXR: IMX signs Heads of Agreement to... Hi Pilatus

You are correct that Avebury was acquired by ZFX, but I believe it was after the merger was announced and negotiations were entered into.

I recall reading someweher that Michelmore could have stopped the acquisition which was negotiated before he came onto the board of ZFX, but he let it proceed after considering stopping it.

This meant there was less cash gooing into the merger to pay off debt.

My point about the special dividend is that it once again eroded the cash at hand when the company had debt.

If the either had not occurred, and the debt had been paid or significantly reduced so only the "good" banks were the ones OZL was in debt to, it is unlikely the company would have been broken up.

THe parallel I am drawing is that previously OZL was in debt to the banks and it caused problems in a downturn as OZL was no longer in control of its destiny. Currently if an unwise M&A, special dividend or whatever erodes the cash and development can only occur by raising funds by capital raising or bank loan, then OZL is no longer in charge of its own destiny.

Having said that. I too would like to see some action, but only wise considered action.

RXM may be a good option as HT points out, and if it transpires I would say to move the head office to Adelaide closer to where all the action is mine wise, export wise and government wise. Possibly also where most of the workforce is too and it would be cheaper.

Only my thoughts and I value the debate.