Sent Monday, not expecting reply, too busy answering ASX queries!
Hi Francesca, It's very disappointing as a long term shareholder to see what's been happening with Ozl the last few months, or more appropriately since the merger that should not have happened. Where OXR shareholders had no say, no break-up clause for any event that may eventuate, to save a few thousand and lose 90% in market capitalisation.
Why was this not addressed earlier, especially the way the market is currently?
Management have lost credibility!!
Disclosure of information, or just information is not released to shareholders as it should! Michelmore is doing what he did at WMC and Zinifex, release as little as possible.
I won't be surprised if one of the sticking points is that Michelmore resigns to get extension, his performance has been disgraceful, many holders have lost respect for the guy, and his chairman Mr Cusack.
Quotes from MR Michelmore on Friday 10th October, 2008.
"Importantly though, it also created a company with a strong cash position which is enabling us to fund our organic growth and development ambitions."
"We have access to capital to fund development projects in a time where raising capital through traditional channels is increasingly difficult if not cost prohibitive."
Are the above statements correct, misleading, exaggeration, or lie?
I hope that this company does not disappear forever, after it took years to build.
As many holders are saying! DISCLOSE, DISCLOSE!, INFORM! INFORM INFORM! Let shareholders know whats happening on timely basis, at the moment this is not happening since Michelmore in charge. If this does not change he needs to step down!
I am sure that Mr Michelmore and Mr Cusack will be ready for a fiery AGM, which I hope will eventuate.
OZL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
