Own goal?, page-17

Why ? Simple, because without a script offer GXY will not get their hands on A40.

As I see it A40 BOD had something else planned for clearing the debt to Tribbeca and were taken by surprise by GXY buying the debt before the deal could be completed which led to A40 calling the VA which must have took GXY by surprise.
IMO GXY should have came up with an acceptable script offer to do a TO of A40 at the same time they bought the debt from Tribecca and avoid this mess.
Now they can make a deal for A40 script in exchange for the debt which will give them well over 20% ownership and a couple of seats at the table or wait for A40 to finalize a deal with whoever they were trying to deal with before GXY jumped on them and make a few $M profit for their trouble of holding the debt but lose a lot more on the $20M A40 they bought recently at 20c.
As I hold both stocks I would have preferred a script offer to TO the entire A40 so they can get rid of the management and put Bald Hill on C&M until the spod price recovered or alternatively GXY could run Bald Hill directly and have the higher grade from BH blended with Mt Cattlin ore to bring it up to 6%.