It was a huge saga in OXR’s history as they kept crowing about...

It was a huge saga in OXR’s history as they kept crowing about having no net debt and their accounts incorrectly showed their debt as being a non-current liability when in fact it was due to expire and needed rolling over at the time of the GFC so should have been accounted as a current liability, their cash at bank unfortunately was correctly accounted as a non-current asset.

Due to the bank syndicate refusing to roll the debt over OXR was gobbled up cheaply by a Chinese company, Prominent Hill was retained by shareholders as the foreign review board refused to allow a foreign state controlled entity take it over due to it’s location near Woomera.