Ann: Horizon and Greenstone Merger Presentation, page-78

Seems as if we are damned if we do and damned if we don't. GSR is broke and HRZ have money and assets. It makes perfect sense for HRZ to buy the GSR assets at such a bargain price - approximately $20M for $1.6B worth of gold in ground plus Mt. Thirsty. FMR also stand to be a major beneficiary of the deal - oh to be a fly on the wall during all those discussions. If the proposed plan of action actually eventuates it may well be our saviour but I don't trust any of the characters involved to be competent at this point. Meanwhile our share price is absolutely tied to the HRZ share price for the next four months whilst GSR is in complete paralysis. I can't see any alternative to accepting the deal no matter how unpalatable it is. I would suggest that agitation to prevent Chris Hansen getting a seat on the new board is appropriate. How can a CEO overseeing a company into virtual bankruptcy be parachuted into a new board position to oversee the new company's future? Maybe I'm just jaundiced but isn't a CEO supposed to accept responsibility for the results of a company? (Quoting the sale premium as an 89% premium to the last traded price is just another giant insult to the intelligence of the retail shareholders. Speaks volumes about the character of the people involved.)