massive after close trade, page-6

Given that GBG has just taken $30m out of Karara, courtesy of Ansteel, I'd say a CR by GBG is most unlikely. It seems to have been accepted between the JV partners that Ansteel is carrying the cost over-runs from here. Further dilution, therefore, is much more likely.

I guess the question on investors/punters minds at this stage is whether GBG will ever see a red cent out of Karara without selling the whole damn lost to Ansteel. And the question then is at what price?

The MC at $164 assumes some residual value for GBG in Karara. The SP will girate as analysts vary what and when they think any realised value might be.