relentless selling, page-39

Ville

I really struggle to see how the consolidation has any negative effect on the SP.

Any analyst or investor will be calculating OZL's NPV through discounting future cash flows. Once they have a NPV figure, allowance will be made for net cash leaving an equity value that is divided by shares on issue to give a fair value per share.

Consolidation or not this process is the same.

Blaming consolidation for the SP performance distracts from more valid reasons for the underperformance.

Burgess inherited a business that not only had a single short life mine (on current reserves) but also lacked a growth pipeline.

This combined with a deteriorating Resource sentiment across the market is more pertient to the SP malaise.