however you may find that the "right to subscribe to another shareholder's rights" is common practise in a SPP as are the "shortfall placement options"
These are items ASIC needs to look at - but never will.
Biggest remaining concern is the fact that retail investors are asked to make a decision without having sufficient information to do so.
We are also (apparently) told that the board will be restructured - but no detail given - so we don't even know who will be "in charge" long term.
1 cash producing asset - underperforming badly, needing yet another cash injection to come to name plate capacity (how many more times ?)
The supposed "jewel" SdV - at lets be totally honest: the only way GXY will ever make real $$$ is being played with and we currently have no idea on the outcome (supp "other interested parties" willing to take up 40% ??) and without a clear resolution before closing date of SPP likely.
Not a place to make an "investment" decision - so I for one will pass unless there is an 11th hour clarification that will enable me to gauge the situation better.
GLA - it's your money, you decide - but once you parted with it a yet "unkown future" board will decide how it is spend (at least that is my current impression).
GXY Price at posting:
7.8¢ Sentiment: None Disclosure: Held
