a difference a day makes, page-47

No, value of JV is over 1.329 billion.

Basically the equity is being issued at $1 = $1. No discount.

Its the fact that the deal has resulted in GBG keeping its cash ie 30m, therefore contributing nothing to KML. Meanwhile Ansteel stumped up $60m, which is really a convertible note (12 months conversion). Values the JV at 1.329 billion still.

Therefore 50% interest = 665 million = 44.5 cents per share for GBG.

Basically this deal was written as such to allow the amounts convertible into equity.