once refinance finalised, page-5

Could be accumulating if he thought that there was a chance of a placement at lower levels required to reduce debt! The banks will be looking at OZL very closely especially noting that most of them do not see a turn around in commodities until 2010 and thus a struggle to meet interest payments. It's plain to see that the recent announcement of expenditure cuts was done to appease the financers. I doubt whether it was enough so suspect the OZL board will be looking at cutting a lot more fat to appease the financers. Century and GG would have to be in serious trouble! Maybe off load GG if there was a buyer but cannot see anyone bidding for Century unless at bargain basement prices.