Firstly, well done to the many believers of the company who believed in the intrinsic value of the company assets being well above 55c and that OZL is not going to go into Administration and that the Refi would be done. Well that’s now true. For now. Refi by overriding Foreign takeover offer.
Secondly Thanks must go out to Minmetals and the Chinese government as the bid 100% established a floor in the stock, were the likely holder of the Morgan Stanley and Merrill Lynch identical 6.89% holdings (13.8%) (when I bought in following all that buying in the week before suspension) and that offer has likely saved the bacon of OZL and all shareholders from the Banker executioners and BHP and all the other asset buying vultures looking for a cheap admin purchase of our assets.
Again many thanks to the Chinese.”Xie Xie Ni”
...but with that thanks
comes a complete outrage toward Andrew Michelmore, Barry Cusack, the Board of OZL, Wayne Swan and the Banking Syndicate for their 100% failure and allowing another strategic National asset to disappear forever when all but US$200m of the US$560m in financing would have 100% ensured OZL’s survival.
Michelmore was unfinancable after a $2B cash burn.... But What the Future Fund, EFIC, Australian Federal Government can’t help via direct financing or a partial or full guarantee over a 100% complete national asn SA cash cow in Prominent Hill. Project finance or company finance with caveats....come on.
A disgrace. US$200m measly bucks. Michelmore could have been removed as a pre-condition.
Whether OZL ends up in the Chinese or the Martians hands is really not the point.
The point is OZL belongs in Australian hands forever.
OZL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
