The director resigning from OXR is an interesting situation and...

The director resigning from OXR is an interesting situation and suspect this is the key to the future plays for both OXR and ZFX.

Both have their own targets - at least 5 each to acquire in some sort of order and priority (cost/value, risk, fit, etc.) and another list of 3-5 to defend against or respond to if approached (informally or otherwise) - standard strat-biz-planning stuff.

Now, it's not unusual in the world of Directorships for a Director to participate on the boards of > 1 company and for those boards to have similar or same considerations - witness the US with VC's occupying 5-10+ different tech stock boards, sometimes in similar or competing industry sectors.

In some cases, it's easy.... just declare the conflict of interest and the Director can be temporarily kept out of the loop on the process, e.g. seperate minutes, leave the room when topics discussed or not be present in meetings and also not be on the distribution list of information until after the formal offers have been lodged and/or info is made publicly available.

If the Director is in a Board committee setup to review acquisitions, define strategy or part of a key decision group and there is not enough fair representation (independent versus executive) for a reasonable decision or quorum, this creates a problem for the board AND the Director by way of some form of additional disclosure.

Options are generally biased towards the Director being pressured by the remaining Directors to "choose"........it can get quite hostile - either you are with us or against us.

Mostly, the Director just quitely resigns without reason and cites personal reasons or change of future focus, etc.

I reckon both ZFX and OXR have similar or same target shortlists that are getting advanced, e.g. 3rd parties and the Director with a conflict may have now approached a "difficult decision".

May not be Australian assets they are both seeking !