OZL - Oz Minerals

[Sean K]

i wasn't assuming that

OZL has plenty of interests in small and mid-cap miners , and i was thinking one of those is being snapped up ( or just a controlling stake without a complete buyout )

It's been reported in the news as the BHP deal. I think if they were taking over someone else they would be in a halt, not OZL. Fingers crossed it's around the $30 mark, will be a nice pay day.

 

[divs4ever]

i would rather keep the OZL

my average buying price is just over $5.17 ( and rescued that investment cash a couple or years back ) i would rather OZL as a bottom drawer stock , instead another bundle of cash i need to find a home for

 

[Sean K]

i would rather keep the OZL

my average buying price is just over $5.17 ( and rescued that investment cash a couple or years back ) i would rather OZL as a bottom drawer stock , instead another bundle of cash i need to find a home for

Yeah, pretty tough having to find a place for a six bagger - less capital gains. It'll be a script offer I imagine so I suppose it's a question of whether you want the cash or the BHP shares. I'll be selling I think to buy something more speculative so I can then lose it all.

 

[divs4ever]

Yeah, pretty tough having to find a place for a six bagger - less capital gains. It'll be a script offer I imagine so I suppose it's a question of whether you want the cash or the BHP shares. I'll be selling I think to buy something more speculative so I can then lose it all.

although i am losing faith in BHP ( i already hold a comfortable amount ) , would probably go for the scrip in preference ,
i normally do better with boring , solid stocks , that eventually catch investors attention ( SNL ,BKL and GRR as examples )

but inflation will eat into that cash soon enough , even when left in the bank

 

[mullokintyre]

i would rather keep the OZL

my average buying price is just over $5.17 ( and rescued that investment cash a couple or years back ) i would rather OZL as a bottom drawer stock , instead another bundle of cash i need to find a home for

Happy to help you out with that cash, Divs.
Mick

 

[Sean K]

Talk of BHP eventually having to cough up $40 a share is a bit overs I reckon. But, I'll take it.


Shaw and Partners mining analyst Peter O’Connor said in a client note on Wednesday he believed BHP would need to pitch a revised $30 a share bid – valuing OZ Minerals at about $10bn – to kick off any engagement from the OZ Minerals board.

“To get to game point BHP may need to think closer to $40 a share,” he said.

 

[finicky]

James Gerrish

Oz Minerals (ASX: OZL) $26.30​

OZL (halted): was in a trading halt today pending the announcement of a change of control transaction - a takeover in other words. As we know, BHP bid $25 a share for the Copper miner and that price was rejected without giving BHP the chance to look under the hood. Two things could be happening here:

1. BHP could have made a new bid which is clearly ‘Material’ for OZL (hence the trading halt), but not for BHP given it would represent less than 5% of their market cap, however, while the letter of the law says BHP don’t need to be halted, the profile of this deal in Australia is big and we would have thought BHP would stop trading while the news was being worked through.
2. This brings up the prospect that another suitor has joined the fray, whether that’s Glencore or some other global player, it would certainly make things more interesting and create more tension in the price

Our well-regarded (Shaw) analyst on OZL Peter O’Connor wrote this recently…. To get to GAME point BHP may need to think closer to $40/share. Our recent missive, which joined the dots to peer RIO vs TRQ bid – highlighted that a $40/share valuation was not out of the question.

 

[Sean K]

James Gerrish

Oz Minerals (ASX: OZL) $26.30​

OZL (halted): was in a trading halt today pending the announcement of a change of control transaction - a takeover in other words. As we know, BHP bid $25 a share for the Copper miner and that price was rejected without giving BHP the chance to look under the hood. Two things could be happening here:

1. BHP could have made a new bid which is clearly ‘Material’ for OZL (hence the trading halt), but not for BHP given it would represent less than 5% of their market cap, however, while the letter of the law says BHP don’t need to be halted, the profile of this deal in Australia is big and we would have thought BHP would stop trading while the news was being worked through.
2. This brings up the prospect that another suitor has joined the fray, whether that’s Glencore or some other global player, it would certainly make things more interesting and create more tension in the price

Our well-regarded (Shaw) analyst on OZL Peter O’Connor wrote this recently…. To get to GAME point BHP may need to think closer to $40/share. Our recent missive, which joined the dots to peer RIO vs TRQ bid – highlighted that a $40/share valuation was not out of the question.

Best outcome for holders may be a bidding match between BHP and Glencore. I read somewhere that Glencore were sniffing West Musgrave so BHP felt compelled to drive back in with a revised bid. Perhaps Glencore will then come in for the whole piece. Whatever the case, might be a nice Christmas present for current holders.

 

[mullokintyre]

It would be nice if all of our miners were taken over by foreign interests at good prices, then we could up the royalties to the sky.
Mick

 

[Sean K]

I think most punters expected something closer to $30...

 

[divs4ever]

i hold OZL ( 'free-carried' ) and BHP

looks like the OZL board lacks backbone and should resign if shareholders reject this offer

 

[Sean K]

i hold OZL ( 'free-carried' ) and BHP

looks like the OZL board lacks backbone and should resign if shareholders reject this offer

Punters don't like it. Trading $1 under the indicative price which is odd. Need Glencore to come sniffing about.

 

[divs4ever]

well i am not in favor of the deal ( especially being all cash ) and totally unimpressed at the speedy recommendation by the board of directors ( was it unanimous ?? )

i did a quick check and OZL directors also have deck-chairs at other companies , are they all busy looking for board seats elsewhere while grabbing the extra pay-day

Director Interest as of Last Notice​

NAME	LAST NOTICE DATE	DIRECT SHARES	INDIRECT SHARES	OPTIONS	CONVERTIBLES
Mr Richard Phillip Seville	11/03/2022	0	16,750	--	--
Mr Charlie Sartain	09/12/2020	0	80,000	--	--
Mr Peter Wasow	04/03/2020	0	20,000	--	--
Ms Rebecca Joy McGrath	23/02/2022	0	56,292	--	--
Ms Tonianne Dwyer	18/03/2020	0	19,900	--	--
Dr Sarah Elizabeth Ryan	02/09/2021	3,500	5,000	--	--
Mr Andrew Cole	08/04/2022	173,589	597,831	--	--

***
The OZL Board has confirmed to BHP that it intends to unanimously recommend the Revised Proposal to OZL
shareholders as being in the best interests of OZL shareholders in the absence of a superior proposal subject
to the parties entering into a binding scheme implementation agreement (SIA) following completion of BHP’s
confirmatory due diligence and an independent expert concluding that the Revised Proposal is in the best
interests of OZL shareholders.
***

 

[greggles]

Punters don't like it. Trading $1 under the indicative price which is odd. Need Glencore to come sniffing about.

It's a lowball offer by BHP who are hoping to get a bargain. I'm surprised that the OZL Board is recommending it to shareholders but I suppose it's difficult to reject it in the face of an Independent Expert Report that says the takeover is in the best interest of shareholders. It's a difficult position to be in. If you reject it and it fails and the share price goes down you are left with egg on your face.

 

[divs4ever]

correction :- the CEO Andrew Cole seems to be the only director with a total focus on OZL ( no director seats elsewhere )

so i find it surprising he would rush to agree , was he already planning retirement ??

 

[divs4ever]

the speedy recommendation implies the directors expect this is close to the company's peak

which in OZL's case which is surprising given the funding and JV's with several smaller miners and explorers , it seems to have plenty of projects going forward

 

[finicky]

Not being an OZL holder I haven't bothered to look but from my experience of takeovers of companies I've held the management usually gets the inducement of all their performance shares and options vesting - so they don't need to wait or satisfy hurdles.

Not Held

 

[Craton]

As a HAV holder, there was a recent Strategic Alliance with OZL announcement so thought that was why there was an uptick in HAV SP, then BHP came into the fray. Keen to know more of what will transpire with these JV/Alliances of OZL.

 

[divs4ever]

indeed OZL had some interesting alliances/JVs across Australia

i would suppose ACCC concerns will be brushed aside ( after all the smaller players are the future of Australian miners , you still need somebody to go out and take sample and drill-cores )

 

[Sean K]

So, when is this going to start trading at $28.25 so I can sell it.