we are not happy, page-14

Let me add some perspective here. Firstly, Im both an OXR and ZFX holder and like many people here, didnt expect to see prices where they are today.

However, OXR is being sold down for numerous reasons (including shorts) but mostly because of its tie up with ZFX and the fact the commodities it mines arent exactly in favor. ie not iron ore or gas.

That said, the merged company will have some amazing assets, a fair bit of cash, be lowly geared and have some strong earnings coming in 09. I dont believe a takeover will be forthcoming anytime soon least of all at $4.00.

The assets as I say arent hot right now, but at 15x earnings (8x 09 earnings) Im happy to hold and sit this one out. I am also confident that patience will be rewarded which is likely little comfort to those who purchased at $3.50 two years ago.

You really have all the hallmarks of a great Australian company. Exceptionally strong and experienced management, great assets, cash, no debt and a decent price to boot.

If the price was $6 people would be saying its too expensive. The purpose of understanding what companies do is to sift throught the market and pickup good opportunities. Basically, make up your own mind - are the fundamental reasons you bought this stock still in place?

For me they are, so Im sitting on a 15% loss. Who can say every share they've bought has gone up? The idea is to get in at a decent level and ride out the storm. I am comfortable right now, although like many somewhat disheartened.

I do believe though that ultimately, we will be vindicated and patience will be rewarded. Lets wait and see...