Galaxy have lost a lot in A40. The $20 million they spent acquiring the initial 4.85% of TAW in 2017-18. Also Galaxy contributed $22.5 million in an institutional placement in A40 at 20 cents a share earlier this year. In total that is $42.5 million. Most likely they have lost the lot regardless of whether they bid in the fire sale or not. Rather than bid in the fire sale they may be able to put their money to better use elsewhere.
GXY Price at posting:
$1.16 Sentiment: Hold Disclosure: Held
