"The very desperate action of Burgess to chase that crazy polluted underperforming run down mine in Romania almost sums the guy up." Harsh but fair. Another concern for me in the "secret meetings in cafe's" that we keep hearing about. How can you have a secret meeting in a public cafe, ever heard of eavesdropping? This tells me 2 things 1. There is a risk that this guy is living the life of a lifestyle manager and not a professional (why is he meeting in a cafe and not in an office, he mentions his cafe meetings in every announcement). 2. The target in question is probably not listed (surely no 2 managers of an asx companies would be silly enough to talk about the takeover of a listed company in a public cafe where a stockbroker could be at the next table or married to the waiter. 3.The target is probably relatively measly, the meetings are probably short and he probably doesn't intend on closing (ahh so thats why its ok to talk in a cafe).
Who meets to have serious, day long m&a discussion in a cafe. not an office, not even a restuarant or private conference facility, im about to make an offer to you in the hundreds of millions one on one over a coffee). So why the secrecy? Good cover for doing nothing, especially when all you announce in every communication you give is that you have been metting in cafes, sounds more like an admission to me. Ties in with my Wizard of Oz minerals theory. I have actually seen someone sitting outside a Toorak cafe talking on their phone about Geologist reports etc etc and anyone could have listened in. So many managers just want to relax and get paid millions to do it. I get the feeling we are being had. I think a coupe is the way to go.
OZL Price at posting:
$7.92 Sentiment: ST Buy Disclosure: Held
