i say flick Martabe and pick up $200m.This may be al the...

i say flick Martabe and pick up $200m.

This may be al the breathing space we need to please the lenders.

This then gives OZL time to get their gear in order (obviously bringing in a heavyweight MD and Chairman), and see PH into prodcution.

Hopefully we also see metal prices improve.

I just think this company needs some time. The fact that metals deteriorated to the current extent in the matter of 8 weeks has taken us all by surprise (including the major miners in the world).

So, I do think there was little they could do regarding to the spending review. That is, from being in a strong cashflow position 8 weeks ago, to now not making money due to metal prices, is something that many coud not forecast.

So, if we do get time, and metals gradually recover (which I expect on the basis that I think the $US has peaked), we ma just get out of this mess without having to compromise on PH.

Otherwise, let's just get a buyer for 30% of PH and that should be it. I think the dilutionary impact of a deeply discounted rights issue is not ideal for shareholders which they can reduce costs as well as still retain a significant ownership in PH.

Even if they got $500m for 30% of PH, I would think the lenders would be satisfied.

Maybe that is what is being negotiated at present? We may just see some agreement reached involving PH.