I have read your "Business Spectator" interview with considerable interest and am drawn to make the following comments.
For some reason you seem totally unable to take any responsibility for the existing debacle. You blame everything from banks, global financial crisis, commodities and shareholders for the Ozl predicament.
As we come closer to the end of this incredible fiasco, the shareholders who employed you to drive their company are no closer to UNDERSTANDING WHY and in fact are probably even more confused than when this mess started. The reality is perceptions become realities in people's eyes and unfortunately Mr Michelmore the perception is you and your board have FAILED badly.
You have failed to protect the company from the global financial crisis You have failed in resurrecting the situation once the company was caught You have failed to be open during the process You have failed to protect the shareholders interest as shown with the payout to Owen Hegarty You have failed to show courage - a true captain will always navigate his vessel out of trouble or be prepared to "go down with his ship". Instead you are the first to jump into the lifeboat! You have failed to show integrity - how can your shareholders possibly believe you are and were working in their interests when you have blatantly feathered your nest by, at the same time as supposedly negotiating the "best" deal for Ozl shareholders you are also negotiating the best deal for yourself at the new company.
Many of your shareholders are business people and understand that managers are judged on how much money they generate from assets. The value created from the Ozl assets when they operate under MM is directly related to their initial purchase price. You may look like a hero to MM shareholders...you are a sellout to Ozl shareholders!! Mr Michelmore your actions come close to corporate treason...selling out your position of trust and responsibility to ensure that at least you are alright!!
You made comment... "the reality that you have with shareholders, either focused on short term returns or they’re after a transaction that’s going to give them a windfall gain on a takeover". Could I make a point to you that the shareholders who are critical of you are in fact the LONG term shareholders who actually want the company to STAY IN ONE PIECE. The short term shareholders you allude to are laughing at you as you have handed them much easy money as they have capitalised on the massive volatility that you have driven in the share price over the last six months!
Mr Michelmore, you percieve yourself as blameless and I even believe you see an halo above your head. Rest assure that halo is only visible in your own bedroom mirror!!
Today is a day closer to a very sorry end. As an eleven year shareholder I wonder this morning which company you will be putting your efforts into this morning!
PS: someone please help me - there's no room in the lifeboat!!
OZL Price at posting:
$8.30 Sentiment: LT Buy Disclosure: Held
