oz mins gets $1.5bn rival offer from banks, page-4

I am in a hurry ......but


This is quite serious..............


and puts question marks over the integrity of Michelmore(?) in these negotiations...............


:OZ Mins gets $US1.2bn rival offer: report
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By a staff reporter

OZ Minerals Ltd is reportedly set to receive a $US1.2 billion ($A1.47 billion) recapitalisation offer, led by Royal Bank of Canada (RBC) and RFC Group, a week before the miner's shareholders vote on an asset deal with Minmetals worth the same amount.

On Wednesday, OZ Minerals secured all necessary approvals for its proposal to sell certain key assets to China's Minmetals, under a deal forged in more dire market conditions as OZ struggled to meet its debt requirements.

But the Australian Financial Review reports RBC and RFC are finalising an alternative offer, under which 20 domestic and international institutional investors would provide $US1 billion in new equity and convertible bonds, and an international bank would provide a $200 million working capital facility.

RBC and RFC also propose an additional rights issue to all OZ shareholders to further strengthen the miner's balance sheet after the initial $US1.2 billion injection, the paper said.

The offer is expected to be formally made to OZ on Thursday after securing concrete commitments from the financiers, which are said to include new and existing OZ investors.