31 Dec 2007 = $1.97 30 Jun 2008 = $1.90 31 Dec 2008 = $1.00 30 Jun 2009 = ?????
At minimum you would think GMG is ATLEAST worth their last stated NTA per share of $1 right?
255 million options issued to CIC at strike price of 40c not to mention macbanks lot. This in effect is a capital raising at 40c per share. So why are they selling their shares at 40c when they are worth ATLEAST $1? Wealth reduces immediately for existing shareholders unless GMG can use that 40c per share raised to generate 60c per share in shareholder wealth. I don't see that happening.
But with enough money to recapitalize the company it can start fresh from this base level, but it won't go back to it's boom time peak share price unless it goes into extreme leverage mode which got the reits in trouble originally.
GMG Price at posting:
39.1¢ Sentiment: LT Sell Disclosure: Not Held
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