one strategy that could play out

With the curve ball thrown by the treasurer, what options does OZL have?

Here is one.

Assuming MM are still willing buyers, OZL packages all the other assets except PH up and sells then to MM. The price is more than the debt, say $1.5B Aust. Debt is paid off, banks are happy and the company is debt free.

OZL is left with PH. The company bunkers down, downsizes HO, becomes a one company mine. OZL then does share buy backs with the free cash flow (3.6B shares are too many for the company) until share numbers are approx 1.5B. No dividends are paid at all till this is done.

Then it can pay a dividend and look to grow again.

What to other posters think of this?

HT1