If this sale has been made to facilitate OZ trading out of this mess without selling over half the company to MM then great, though I don't have any confidence in Michelmore that this is his grand plan.
PH is done and will be cash flow positive shortly, it doesn't need additional funds, seems to me there is no point in selling Martabe. To sell off almost $1bn *more* than you actually need to (and it's not like every cent of debt needed to be cleared), at the bottom of the market, represents massive destruction of shareholder value.
Am I missing something here? What are the funds going to be used for, if PH will be cash flow positive in a few months?
The response in share price gives a pretty solid indication of what the market thinks of these sales.
OZL Price at posting:
$6.75 Sentiment: Hold Disclosure: Held
