Agree that inferior press reporting has contributed to the panic that pushed the share price down, but consider following:
1. Media is under pressure -staff cutbacks, cost reductions, etc result in thinly researched stories by junior, uninformed reporters. You cannot believe the popular press any more - do your own research.
2. Company's PR has been appalling. It needs to be better, not worse, in this enviornment. Just another symptom of disgraceful management.
3. Evidence, if needed, is the release of Financial results before 10 am today, which included statement re (extremely important) bank finance extension buried deep in the comments. The ASX release announcing the extension came at 10.30, after 30 minute4s of trading! Obviously another screw up.
4. Because of panic and the absence of facts from the company, any shareholder who sold earlier this week was merely taking insurance. No one knew which direction the share price was going (even to zero.) This isnsurance was cheap - the cost if sold at 50 cents, and bought back today for (say) 60 cents is only 10 cents per share for potential upside of more than 20 cents per share. This is commercially sound thinking and should not be misjudged by cowboys with 20/20 hindsight.
5. Please save us the "I told you so" because no-one (including me, who hung on but didn't sleep) knew what was happening. With this company, you never will.
OZL Price at posting:
63.0¢ Sentiment: Hold Disclosure: Held
