MX- There is no argument with your praise of the OZL board and...

MX- There is no argument with your praise of the OZL board and management about their capital management stratagies.

All those noteworthy actions by the OZL hierachy have come about because of a need to use up some of the overloaded embarrassment of funds we were lucky to have in or coffers, not through any fantastic tactical maneuvers on behalf of the board.

My argument is primarily about the ill timed and unecessary 1 for 10 consolidation and the worry that OZL do not seem to have a short term growth plan.

As our share price hovers around the high $9.00 mark it is worth noting that it is getting close to half what it was when the consoldation was announced. Many will argue that the sell off has been due to world conditions out of our control.

I have a slightly different view.

For a dividend paying company with no debt,nearly a billion dollars in the bank, a fantastic cash cow in the way of Prominent Hill,no sovereign debt and the behemoth Carrapateena waiting in the wings, the announcement of the 1 for 10 consolidation has seen a mad rush to the exits.

My biggest fear is that any sizeable appreciation in the shareprice is only going to happen in 6 years time with the commissioning of Carrapateena.

Who amongst us want to wait that long.!!!