No.1 on the solution is the removal of AM for lack of and poor disclosure to the company owners....us.
Trust can be restored with a full refi and/or resignation.
That said....
The banks here have caused a lot of the drama too. They probably keep saying all along its all good and then pulled a hairball at last minute on OZL. It discgraceful.
The Australian (and UK banks) received federal government backing and behave like that with capital provided to our third largest miner......thats why its in the National Interest for the government on this one...no bailout or cash...just a guarantee on a 95% completed project, that it will be completed....and charge the fee back to the banks.(reaching i know)
Bank behaviour is where journalists should focus some negative energy....on why do the banks have their foot on the throat on a very viable company with strong asstes, financials, valuation and Intrinsic value. Scares everyone.
As ALL companies at risk not only highly leveraged ones.
RIO with $42B in debt is in huge problems if OZL cant roll it existing small facilities easily. OZL is not highly levered. Its stock is tanking.
Swan has to step in to guide negotiations at a minimum...to protect a PH project worth $50B in revenues over its life...to Australia and >$25 Billion in taxes....thats alot of Infrastructure, hospitals and schools with that.
OZL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
