1 for 1 at 8c, page-15

looking at the statement released:

GXY has 179 mill in short duration loans

The entitlement offer stands to raise a max of 47 mill (before costs?)

Why do you think anyone would under-write that offer ?

They need the 47 mill to be able to negotiate extended terms of loans - not enough to even pay out the convertible bonds due in November (62 mill AUD/USD?)

If i saw these balance sheets now as an out-sider would I invest looking at income potential ????????

Or am I reading this wrong?