"The Wizard of OZ" what a joke. This is the sort of garbage that some newspapers are printing as if he is some saviour coming to save us from debt, by embedding himself within Tigers Gold and and hosing over shareholders yet again.
Using Legal loop holes to purchase our assetts in the form of another entity with the aim of purchasing MARTABE at a bargain basement price. With his previous inside knowledge of OZL and its financial position prior to leaving recently, how can ASIC sit back and let this happen??? If this sort of thing is legal, then the law needs to be changed ASAP.
AND DO NOT FORGET THIS:
Owen Hegarty's $1 million margin call bonanza (extract from Crikey) Thursday, 27 November 2008
One week after Hegarty sold 10 million shares, Oz Minerals announced that it would "cut annual production of zinc from [its] Century [mine] by 20,000 tonnes per annum" and defer capital expenditures of approximately $495 million. As a non-executive director, it would be surprising if Hegarty did not have knowledge of the production and cap-ex cuts -- therefore, had he not been subject to that unfortunate margin call, Hegarty would most likely not have been able to sell the 10 million shares due to the insider trading provisions in the Corporations Act .
Based on Oz Minerals' closing price of $0.52 yesterday, Hegarty saved himself a cool $1,000,000 by selling 10 million shares.
OZL Price at posting:
$6.10 Sentiment: None Disclosure: Unspecified
