Thank you all for sharing your concerns and views, most of which I strongly concur with as a shareholder.
Having sent a 3-page letter on letterhead to Barry Cusack by email on Thursday, 21 May, I have yet to have the courtesy of a reply. Unfortunately, I get the impression that Cusack and the Oz Minerals Board are not bothering to reply to such correspondence (that is, if Cusack actually received it, as email correspondence to Cusack appears to go via AM's office). I expect we will all be disappointed.
Major concerns raised in my letter were the potential conflicts of interest posed by the announcement that Michelmore (and apparently some others in senior management) were already committed to future roles with Minmetals and the need for independent directors on the Board to ensure that our interests in relation to settlement negotiations (e.g. levels of working capital, minimising ongoing costs etc) were protected. At that stage, the possibility of alternatives to the Minmetals offer were not widely discussed but their emergence merely emphasises the importance of the Board proactively managing the potential conflicts. Given that Cusack himself is now planning an early exit, it is hard to see who is really keen to protect our interests (remember - we should have been eternally grateful for the original offer of 82.5c!!).
I find it bizarre that the ASA cannot perceive any "governance" issues with the Minmetals deal. You cannot get a much bigger governance issue than the potential conflicts of interest in the current situation.
Thanks for your efforts.
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