value to ponder

For those pondering the medium term future of GRR -

Last fin yr 2008, GRR was valued at $195.5M based on 115.3M issues at $1.70 SP (ave). It was still developing output and just turned a profit. Total reported equity was $95M. It was trading at a price to book value ratio of 3:1 at the time (if it's book value was around $65M Jul2008).

Right now, it is soon to be valued at $396M based on 40 cents per share at 990M issues - suggesting a book value of $132M? and shareholders equity of $200M? (roughly) - not unreasonable given core value should have increased.

Last qtrly 2009 report says a FYr operational loss of $48M (NOTE: borrowings paid down in this loss) with an operational profit of $7.2M. Equity should be up, so should book value - look for asset backing per share - needs to be more than triple what it was last year due to the enormous increase in shares issued (8 fold increase).

(note the recent dilution of another 495M issues is going to pare this number back to around last years PER SHARE).

Compare results this Fyr when the EOY 2009 report comes out. Do your own research ... then you know where you stand.