So the yankee bondholders now massive equity holding shareholders at 1c are playing with AGO like they had planned to do with FMG.
The plan was to call default, dilute the register, take over the board and control the company and cashflow, pay themselves exorbitant interest on their exorbitant debt while the original Ozzie shareholders get shafted and diluted to nothing then eventually take it private for nothing ala ANL.
Same playbook as at Anaconda Nickel & others. Forrest would know this very well.
The ONLY way to block this strategy is reduce debt, reduce costs, reduce shares on issue and issue dividends. That would alter the equation just like FMG SBM SLR and many others did and destroy this strategy that AGO has now also fallen victim to.
To get a solid rerate, AGOs Board MUST follow the example of FMG SBM SLR and use their cash at bank to attack this strategy unless the Board now controlled by the yankee bondholders wont let them out of this hole just like at ANL and plan to take it private for cheap.
That's why its cheap.
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