why do we have a sudden drop?, page-19

Market cap is a very misleading figure in GXY's case due to the existence of the huge debt burden. Enterprise value is the thing to look at and this sits at around 220M.

And BTW, the debt *IS* and will be the single most important issue for the foreseeable future since this debt becomes due before GXY can generate enough cash to pay it back from its operations. And interest alone adds another million every month! Have a quick look at Atlantic Ltd., they have been unable to get their plant up to speed for 2 years now and the consequence is the company now basically belongs to its creditor Droxford while all other shareholders will see their holding diluted to next to nothing once the debt is exchanged into equity. Galaxy appears to be going the same route. And the effects on GXY's share price has been DRAMATIC already, hasn't it? This debt has to be either re-financed or it will break our necks.