The extension to OZL's debt repayment to end Feb is excellent as...

The extension to OZL's debt repayment to end Feb is excellent as it gives the company more of the most valuable commodity. Time. It allows the sale process for Martabe to occur at a pace that is not a fire sale. (all the pundits are saying that it will be sold).

Increased commodity prices are good news, but one swallow does not make spring and I would need to see reducing inventories on the LME before I was in agreement that the price increases were a long term change.

Until March, OZL still has cash flow issues. After March, PH will provide significant cash flows and with the reduction in capital expenditure the company's future is much more assured.

3 months is a long time in the current climate, but if the company can keep it together till then, then 2009, imo, will see increased sp and increased cash to pay down debt and a company that is on the front foot executing strategy rather than just fighting to survive.

HT1