I'm grateful for the opportunity to get out. Sold at 7c, which when added to the 18c capital return gives me 25c. Cash backing was 22c at the time of the general meeting, so I'm getting a bit extra to cover the tax benefits that Emerald are no doubt chasing. Emerald's bid is offering the same price that I sold at, but only for 45% of my holding - no thanks.
It has been painful to watch this mess over the past 12 months, but as I bought for 19.5c in late 2007 this has been one of the few stocks in my portfolio that has risen in 2008.
I figure that the interest earned from investing GLI's greatly reduced cash holdings, particularly at current low interest rates, will probably not cover their operating costs. Thus shareholder value may be eroded over time if the stuffing around continues.
GLI
goldlink incomeplus limited
