oz mins gets $1.5bn rival offer from banks, page-17

Agree with HT's assessment of the current position. Our only hope is that:

1. Shareholders (including importantly, the instos) vote NO.

2. To encourage this, RBC should release details of their proposal, thus enabling shareholders to be fully informed (which the Board, including the future employees of MM, obviously doesn't want.)

3. After rejection of MM deal, the OZ board resigns, having embarrassingly lost the support of shareholders, and a placememt/issue proceeds, thus eliminating any prospect that the banks will pull the trigger (which, even now, has zero likelihood.)

4. OZ continues with all assets intact and cfp, well capitalised and primed for a re-rating which will result in significant rise in sp.

This seems pretty logical to me. The only problematical item is the shareholder vote. It must be NO if we are to extract full value based on current conditions (rather than the depressed value which existed at the absolute peak of the credit crisis in a 'free fall' base metals market.)