a difference a day makes, page-45

It doesn't value it at 22cents, its still 44ish.

Basically if GBG buy back the loan (only way I see is via an equity raising), they will obviously convert the loan to equity as well. So Ansteel convert 30m to equity and GBG convert 30m to equity. Therefore shareholdings remain the same 50/50.

The sweetner of this deal for Ansteel was the loan was provided on the option that GBG would allow them to convert GBG's equity share had they provided the funding.

It still values the JV interest at 44 cents per share in theory.