dear directors , page-11

Top 20 hold around 49% of GBG last time I looked. The top 20 are made up of holders who have the ability and money to do their own due diligence. It will be interesting to see whether GBG release their independent research. While a few of the top 20 are instos eg merryl and JP who probably have been liquidating 'everything' in recent times others will want near to fundamental valuation which would appear to be so far from the sp before trading halt that it is hard to see what the compromise will be.

Someone on HC (royrubber on 3/11) cheekily suggested that a takeover offer would be made. Seeing that royrubber's source was from the North Pole I doubt if it was credible. However it certainly would be a clean solution for everyone. The Chinese get a long life, quality operation that would help them with BHP/Vale negotiations. I doubt that in this climate the FIRB would knock any proposal.