Ann: IMX signs Heads of Agreement to sell Mt Wood, page-5

re: Ann: IXR: IMX signs Heads of Agreement to... OZL board are obviously finding it extremely difficult to overcome their fear factor on M&A. Easy to criticize from the sidelines but OZL only gets one shot at expansion with their idle cash hoard so they need to do it right, unlike BHP if they make a wrong bet it could be very nasty to OZL balance sheet and future prospects. Other than M&A OZL is a very well run company.

I re-iterate that if the board cannot do anything this year they should just give 80% of the unused capital to shareholders in a special divvy so we can invest it and put the capital to work instead of wasting it sitting idle in the bank gathering dust and cobwebs.

Keep a good slice ($200M) for rainy days and put away 60% of the profits from PH operations going forward to fund C development.

If years down the track they see an awesome opportunity for M&A then do a capital raise with existing holders.