As far as I'm aware, MM has bid 82.5c for the whole of Oz. MM will allow Oz to try to sell Golden Grove and Metabe, and, provided OZ achieves a combined sale price of $425m or better, MM will allow Oz to keep any excess over $400m for distribution to shareholders (on top of the 82.5c bid price).
Therefore, a combined sale price of say around $450m will see around 90% of this flowing to MM, not the banks in the form of debt repayment, nor to Oz shareholders. Oz shareholders would only see a ncent or two on top of the 82.5c bid price.
Does anybody have a different take on asset sales under this deal?
OZL Price at posting:
$5.90 Sentiment: None Disclosure: Not Held