In case no one has posted this write up from mining news today. --- for OZL holders info. ----------------------------------------------------------
OZ issued please explain over refinance arrangements Wednesday, 3 December 2008
OZ MINERALS has told the Australian Securities Exchange it is playing by the rules, after receiving a “please explain” over the miner’s debt refinancing arrangements.
In a letter to OZ – which entered voluntary suspension this week as it continues talks over refinancing its debt facilities – the exchange noted the miner had not, in an earlier communication, mentioned its refinancing talks as a possible reason for a recent drop in share price.
On November 18, the ASX sent a share price query to OZ, after OZ shares fell almost 20% from 83c on November 17 to 67c on November 18.
Since then the miner has suspended trading until the end of the year while it negotiates with lenders an extension to its debt facilities.
Responding to the ASX’s latest communication, OZ said the negotiations were both confidential and incomplete, adding the company was in compliance with the listing rules.
Confidentiality and unfinished negotiations are considered acceptable reasons for not disclosing any development that could impact the company’s stocks.
OZL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
