They don't bother replying even when I've asked for informaton on the company about what the debt payments (interest) for 2009 would likely be, that was a few days before the news came out about the debt issue/refinancing.
I've asked for info on options granted to Zinifex exec's in 2007 which I'm still waiting for after 10weeks. Good job Bruce on getting back to me.
I remember calling and asking to speak to the CFO in October and being told it was no good as he had only started. I wish I had spoken to him now.
I disagree with the statement completely that both would OXR and ZFX would be in worse shape. ZFX had $1.2billion in cash, Century and Avebury might only be losing $300-400million this year so could have weathered the low prices.
OXR still had 2 profitable mines and another coming online. The debt due was not until 2009 so no cash squeeze. Also at $4 copper price and no drag from the noose that was ZFX I'd still think OXR would have been $3-4 even as late as June/July and if they needed cash a capital raising which has been supported very well by OXR holders and investment funds in the past would have been easily done for $2.50 if not even at $3. And to get PH running would have only cost about $600million so that could have been done at $3 with only 200million extra shares.
This goes to show much out ouf touch Michelmore is with the two companies.
Now OXR holders will get a noose from Century worth $300million, $50million from Avebury Rosebery might still be at break even. We end up giving up the growth driver in PH.
OXR holders clearly worse off by having to give up PH in part or whole. Martabe I'm in different about depending on what it sells for.
OZL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
