Ann: Gold Road Participates in De Grey Entitlement Offer, page-34

Deg has been a lousy investment for GOR.It is sucking up much of thier cash flow from 50% ownership of Gruyère .GOR is in a very vulnerable place as only has one producing asset .If it gets into trouble Goldfields will sweep in and buy the rest of Gruyère.
Attempts to diversify have been scuppered by DEG.They have lost money on their deg investment whose share price is going nowhere for years .
GOR share price is unchanged for at least 3 years despite a rise in the price of gold.
The Degrey mine is not yet permitted ,no one knows how long that will take .
The price of the mine has escalated by 50%from initial estimates and will go higher.
It will not cash flow (has to pay off bank debt first )for at least 5 years so GOR is stuck.
There are lots and lots of better gold mining investments than DEG/GOR.
Deg probably does not have the expertise/management to build a big mine and they are needlessly spending money all over the place on Ashburton/nvo/more exploration .
GOR would be much better served by getting rid of their DEG investment, as its dead money for years ,taking the loss and trying to find a producing asset to diversify cash flow.They could maybe get 1.20 to 1.30 AU for their Deg shares .no more.