spoke to the company

Dear All,

I have spoken to Nathan (assistant OZL company secretary) tonight and informed him that I believe that it would be inappropriate for the company to call a $400,000 EGM prior to the financing of an important new facility being completed.

Putting the interests of the company's survival and prosperity first and foremost hinges on this financing, calling a quick EGM would only add to financing uncertainty unnecesarily.

I have been busy looking into formally running as a Director of OZL and formalising the process rather through HC. HC certainly help build a small constituancy, however being elected would require meeting with many major shareholders first and garnering their ideas and mood for change and support, overlayed with a legal perspective of running for the board of a company with two pending lawsuits, 85% share price decline, and under duress from financiers. This clearly will take time to settle down.

I have in the interim requested that the Board meet and vote on AM, and either express "confidence" or "no confidence" in him. I'm sure we would only hear if there was a resignation.

Calling an EGM now, on a whim, in the holiday period, over Christmas and under financing uncertainty at the cost of $400k could be dumb and self serving, something I am not.

Anyone that knows me knows I am a very honest, kind, thoughtful, educated and skilledperson and despite undeserved criticisms from people on this board, I only seek the best for OZL and all stakeholders and would only want to contribute to a board ready for change which is something I dont think OZL's is currently.

Andrew Michelmore should resign if he has any honour as the share prices has fallen >85% and he has spent our $1.2 Billion cash kitty, and taken us into TH & supsension etc.

Until AM resigns OZL will effectively be in the hands of a banking syndicate and an ineffective board that has signed off on AM's spending. They are the ones most responsible for this unfortunate situation we are in. It certainly has nothing to do with me nor other Hotcopper posters, short or long.

Please send your letters of request to the Chairman for Andrew Michelmore to do the honourable thing and resign.

Thats the best way to effect change before the company can reasonably call a professional EGM/AGM under very tight financing timeframes. The Board is likely to meet before Christmas. You can effect change.

Appreciate all the support and even the criticisms. I feel your pain and my own too. I have certainly made our disgust felt at OZL's Board and Managment and the CEO's mishandling of the merger and the reasons we are here and without an EGM necessarily being called.

If you would like to talk please email me, as I dont wish to crowd out HC.

CEO has got to GO !

With Kind Regards to all.

David :-)