At GGG's close last night of 34.3pence the effective 5 for 7 offer to AZX holders is currently worth 78c per share.
That is:
34.3 *7 / 0.6135(AUD/GBP)/ 5
And yet we still have people selling at 61c.
The recommendation by the board to reject the offer is sound - it's worth much more.
But perhaps some people don't like there being a difference of opinions between AZX & GGG as to how to develop the project.
Regardless, I am staying long AZX.
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