This will probably get deleted but thought I'd post it anyway
I'd like to thank Owen and the team for the fantastic job they've done for the 7 of the 8 years I've been a shareholder in Oxiana.
Unfortunately, it seems Owen has just had a clanger just before half time with the goals wide open.
What should have been a stellar year for Oxiana in 2008/9 has been put on hold for another 2 years.
In the midest of the commodities boom, why has the Oxiana share price gone nowhere for 2 years?
When we were diluted with the Minotaur acquisition, most long term holders had the foresight to see how Prominent Hill would propel OXR towards $5-6. And begrudingly acceptted that we may not have a share price many expected.
When we were again diluted with Agincourt, again we looked at the possibility that it would perhaps take us to the $6-7 mark, perhaps even $10 mark, given the strong fundamentals that were showing up.
However just as the operations got into stride to push to the $5 area we get hit with possibly the unfairest decision.
Unfair that we the shareholders were forced into the decision, which I think many here would agree we would not have agreed to accept on the terms that were given to Zinifex.
You basically sold us OUR shareholders out to backstop the declining Zinifex price. A price that on balance probably would have been closer to $6 than the $12 you gave when the deal was entered into.
You diluted our growth in the next 2 years what for a measle 1-2billion dollars? A sum we probably would have made in the those years from Sepon, Golden Grove and Prominent Hill.
Now we also face the possibility with current zinc/lead prices that the Zinifex operations will end up being a cash draw on Oxiana.
I emailed your public relations several occasions to get some information regarding Pasminco I mean Zinifex costs.
Yet received only a form reply and no reply to my subsequent requests for an answer to my questions.
Can you explain how the deal was fair at 50:50 when OXR in terms of zinc equivalent production was providing something like 850-900,000t while Zinifex was perhaps providing 800,000t at best.
Not to mention the previous comment about ZFX being a possible cash draw at current prices.
Why do you think it's fair the Owen gets to wallow in the trough at the expense of shareholders who have been loyal to him for nearly 10 years, when he hasn't delivered anything to shareholders at a time when both our major commodities are at record highs.
Why does he think not honouring a contract entitles him to be paid out for the contract at all.
Some shareholders might say he deserves it for all his hard work previously. That was rewarded and if anyone feels the least pain from the 50% drop in our share price since raping of his shareholders and sellout to ZFX it's Owen with his 30million odd shares which will still make him better off than nearly 99% of his shareholders.
Maybe Owen can fund the next $1 party when we go there because of his sell out to ZFX.
I urge all shareholders to vote no to all resolutions especially Resolution 1 & 4.
1 - the name change
4 - the obscene payout to Owen for raping you all as shareholders and selling out.
I also urge shareholdes to consider the next AGM where I believe 2 of the most hated people in this room are up for re-election to the board.
I urge shareholders to vote NO to the reappiontment of Barry Cusasck and Andrew Michelmore.
And to any increase or payouts these two (financial) rapists might consider taking from our company.
OXR
oxiana limited
