Hi Alley,Since you asked, here is my two cents worth. I have...

Hi Alley,

Since you asked, here is my two cents worth. I have held shares in both OZL and PNA and have tracked their history.

I consider both OZL and PNA as good companies, with good assets, potential and management. They have approximately the same number of shares on offer, with OZL producing about twice as much as PNA which is reflecting in the share price ie 2 for 1.

My abbreviated and approximated version of history is as follows

PNA back 3 years were around $1 (with half the shares) but retreated to somewhere around 11 cents as a result of GFC and a capital raising that saw their shares double. So PNA have rebound from about 11cents over the past 18 months.

OZL 3 years ago were around $4, but got into debt trouble during the GFC retreating to at one stage to around the 40 cent mark then sold off a lot of assets before recovering to current position. I won't get into any blame game here.

Summary of pluses and minuses for both with my value judgements

PNA have a little bit of debt and may need to go into debt again or do capital raisng to undertake more development.
PNA I think are a bit nimbler than OZL
PNA has some foreign risk, but this appears minor
PNA has some good contracts
PNA has some good prospects although smaller in size but near existing infrastructure.
PNA appears to have good management and an excellent reputation.
PNA is a bit of a darling for investors given its recent excellent capital growth
I don't think PNA has paid dividends yet
PNA may be or may become a takeovver target
OZL has an excellent asset in PH (a real cash cow)
OZL Has a large cash balance
OZL has good prospects including some close to current infrastructure
OZL has limited foreign risk (only some prospects are overseas)
OZL has a tarnished reputation
OZL has a potential lawsuit against it for Directors misleading shareholders.
Ozls board and management have only been in place for just on a year
OZl did pay an unfranked special dividend last year, but I hope they don't pay a dividend this year due to unexhausted tax credits that will prevent franking.
I don't think OZL is a takeover target despite what you read.

My summary view is as follows (if I was a broker)
Both excellent companies that are likely to rise in value in response to demand. I think PNA is a little over priced in compariosn with OZL. I think this is primarily because OZL is undervalued on account of its tarnished reputation and possibile liability from the outstanding lawsuit.

Personally I think OZl is the safer annd better long term investment but other's opinion may differ.

These are only my views and I am sure others will support or criticise, but hopefully add value to them.

In any event, do your own research and make up your own mind. It is your money not mine.

Good luck

Regards