Prominent Hill has been on the table now since this mess started. I'm sure the banks see PH as the simple solution to their concerns...ie. sell it and give us our money. Whilst the banks (currently) have the upper hand Ozl has to show they are prepared look at all avenues, hence the high profile being given to PH. In reality Ozl management would be selling PH as a last resort. The statement again stipulates UP TO 100%, hence could be 5%, 50% or (hopefully not) 100%.
The two month extension is positive as it relieves firesale pressure for selling/buying timeframes. It also provides a little longer for commodity prices to be seen to be reversing upwards (a hint of which we have seen over the last few days).
OZL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
