AT was still MD & CEO until Simon Hay took over. AT is still an executive director on similar pay to Simon Hay, who incidentally does not have a seat on the board. Would suspect A40 investments were a board level decision, last on of which was mid May. My take is Simon came on board and undertook a strategic review to complete the objectives of stabilising costs at Mt Cattlin and formulating a plan to meet the BODs long held ambitions of developing SDV and JB. I assume he made it clear that getting involved in a bidding war for A40 would make those objectives near impossible. If anyone has read the expert report on A40 released today you will see how low the initial offers to non secured creditors from GXY were. Clearly something changed GXYs position on acquiring A40. They went cold. I suspect this was in part Simon Hay's level headed influence and strategic review.
GXY Price at posting:
$1.27 Sentiment: Buy Disclosure: Held
