Today is official court approval/delisting day for ZFX, so...

Today is official court approval/delisting day for ZFX, so things may settle down a little from here as the Ox starts trading on its own merits at last. The huge plus is the increased weighting the merged company has within the top 50 (presently, as OXR). This means instos and index funds may have to top up their OXR holdings, which will clear out the shorts for a while, and see a return to normal trading (without all the distractions of arbitrarge, uncertainty, etc). Only crinkle of course, is tax loss selling for another week, but I still reckon we have seen the bottom and its upwards from here. FYI, the index announcement is:

Standard & Poor’s Index Services Australia today announced that it will remove Zinifex Ltd. (ASX: ZFX) from the S&P/ASX indices, subject to court approval of a proposed scheme of arrangement under which the company will merge with Oxiana Ltd. (ASX: OXR). Assuming the scheme receives court approval, Standard & Poor’s Index Services take this action after the close of business on June 20, 2008.

Zinifex Ltd. will be replaced by Oxiana Ltd. (ASX: OXR) in the S&P/ASX 50 and the S&P/ASX All Australian 50, and by Riversdale Mining (ASX: RIV) in the S&P/ASX 100. HFA Holdings (ASX:HFA) will be added to the S&P/ASX 200 and the S&P/ASX All Australian 200 as a result of the
vacancy created by the removal of Zinifex Ltd. These changes will be made effective after the close of business on June 20, 2008.