I believe that St Barbara BOD has decided and informed that they do not intend to hold on to the GMD shares portion for long after the GMD deal completed! Instead they plan to return this back to long suffering SBM share holders! I am still not sure yet how they plan to carry that out!
These GMD shares of course would fluctuate in values according to market valuation at any point in time. So there might be a capital return portion in addition to what ever value the market giving to the two SBM remaining overseas assets.
Why we have to approve GMD deal, page-24
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