Based on the Credit Suisse asset valuations (excl Seppon and GG), Minmetals would be getting a $600m discount. Whilst arguably someone should be able to better this, Minmetals have the cash and inclination at the bottom of the cycle.
Administration is never good. Bankers making decisions about mine management? All that leads to is lost jobs and delays. And the Administrator lining their pockets by stringing everything out for as long as possible.
Shareholders need to accept that the offer was made in good faith, and it is not Minmetals fault that the refi process was mismanaged. Nickelbum is not that clever.
OZL Price at posting:
$6.45 Sentiment: None Disclosure: Held
