new announcement .. funding proposal, page-23

seems to me that gbg is trying to maximise cash and minimise debt to get through these tough times, otherwise why would they be seeking to recover the $18m odd of the prior gbg equity investment in the karara jv in addition to the current big chunk required from gbg? it is a positive that ansteel is still interested and now they will have an even bigger stake in gbg so the interests of the jv parties are more aligned

given the terrible financial environment in which we find ourselves, today's deal gives all shareholders a chance to profit in the future as the project goes forward to production and i suppose puts gbg in ansteel's sights for a takeover at some point

while living without the dilution would have been preferable i suppose that the present environment leaves us with little choice put to take what the chinese offer and hope for the best

thats my two bobs worth, happy to be shot down with a contra view however keep in mind that the gbg story is one of production expansion so the quicker we get up and running and hit that 35mtpa number the better off we will all be