sum of the parts value, page-8

Thanks Ken

I haven't bothered doing detailed NTA analysis, plenty of others have done it for me and it is all pretty much guess work anyway. The point for risk tolerent investors is that the assets are worth substantially more than the debt and so a bet on the takeover going through is not "all or nothing"!

A lot of due dilligence must have been done by the Chinese since Nov/Dec? (Makemepoor said they first made an offer back then) like all other interested parties. They have had plenty of time to think about this (since OZL was trading at $4 according to the AFR) and I don't see the Chinese, this mob in particular, as ones to make false offers to world wide media attention and then play ducks and drakes. It is a good price for long term assets at the bottom of the market from a distressed seller.... good luck to them.

In different time the arbitrage boys would be buying up big for a few cents profit but these are strange days indeed. Fear and loathing stalks the market, cash NOW is king who cares about leaving some on the table if there is any doubt whatsoever.

cheers