The fact that the OZL board endorsed the offer shows that they are NOT confident about ability to refinance, sell assets and avoid administartion.
I dont want to: but I think selling out at 82.5 is best option. Obviously things are grim if the board say take it.
Michelmore's board and you are partly to blame for average Australians losing their investement, super, cash flow stream whatever.
I can't see the Chinese offering him a job and I honestly hope this reputation sticks to him for the rest of his life.
The fact they endorse the offer is their stage-exit which is far less embarrasing as falling off the stage (OZL going into administration) they are just trying to save face and shows that they have NOT been able to sucessfully restructure, package assets or refinance.
Its a pity to see so much potential lost but in times like these its happening all over the shop.
C
OZL Price at posting:
$6.75 Sentiment: None Disclosure: Held
