tanewi, GNM sold some shares, and sold some assets- real estate, etc- to pay bills and keep running. Unfortunately, workers' pay was sacrificed. Those workers have been amazing to keep coming into work when not being paid. About 4 weeks now, and loads of financial distress and low morale. Some have stopped going in. Jindal have refused to pay workers- perhaps to ensure the deal goes through. Otherwise, it's hard to know what their story is. 400 workers in the Illawarra relying on this, but many more affected in the trickle down if it goes belly up.
The Illawarra Mercury has done some excellent articles on all of this. Worthwhile having a look. I wish Jindal would confirm their commitment. I think the votes would go the way of the re-capitalisation, but I'm not sure. There's another mob in the mix, too.
GNM Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
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