Ann: Trading Halt, page-23

No one doubts that or questions the need for $$$. But it is the way they have managed things to date, over a long period of time that is the issue. If you can not secure finance when IO price is this high, with a secured off take partner that is a telling sign of how the market views the management of the company. Plain and simple.

There will be well over 100million shares issued (probably closer to 200 million, at best 2.5c, maybe lower, with free attaching option for every 3 shares), most likely which will create overhang. I'd be more forgiving if it is tied in with:

• Equal opportunity for all to participate on the same terms;
• Hedging of iron ore price (both in forex and iron pricing) to ensure a minimum profit level;
• Directors do not offer themselves free remuneration shares over the course of the next 18 months;
• Directors freeze their pay at current levels for the next 12-18 months;
• Managing director steps down and new MD with a focus on this company is appointed asap.

If these guys are delayed any longer, they just might go down in history as nearly stuffing up the easiest operation, DSO, in history. Not a bad paragraph to put on your CV.

GLTA IMHO