martarbe, page-17

Well dogboy appears that OH has had a tremendous amount of 'luck' on many occassions. Personally I'm on the side that believes you make your own luck. I was an early investor in OXR and went to most AGMs and kept up to date with events and I can tell you anyone lesser would not have got OXR up an running as smoothly as OH did. This did not come down to luck. Against the general poulist belief OH always thought the resource boom was abot to begin and he had very valid reasons for believing so. Sure not all his investments were successful but either was the great Buffet. To think that anyone involved in this game is going to turn everything they touch into 'gold' is just folly.

In business it is alot more difficult to continue to grow a company that is worth billions of dollars than it is to grow a fledlgling company from say $100mill to a billion. Maybe in hindsight, Hegarty didnt have that ability. Most wouldn't and we all know a few companies that paid CEOs alot of cash to try.

I understand the angst at OH. The last move to merge with Zinifex proved to be costly although again in hindsight I am not sure that OXR would be in any better situation right now (considering most of the cashburn has come from the OXR assets). If OH did in fact have to sell shares due to margin loan then there will not be a thing ASIC can do about it. It is their rules that allow this ridiculous situation to happen. I have argued all along that directors should not be allowed to buy shares in their own company on margin loan as the conditions of these loans contradict what a director is allowed to do when holding market sensitive information.

The situation is not good. That's the case for many many resource stocks (and other stocks) right now. It may be a hard road back from here, it is mostly dependent on the debt issue and the short-term reduction of cash burn.

Whatever you believe in OH, his OXR success definitely was not luck.