Ann: Equity Raising Presentation , page-15

Retail investors have been shafted, especially large retail holders. I'm with paps here. The institutions are stealing a huge slice of GBG at a price that will be marginally higher than Ansteel's GFC placement of 85 cents. I don't understand why GBG is raising $200 million now, when only $61 million is needed.

In theory our share price should appreciate significantly by June 2011, when the working capital will be required....It would make sense to raise the required cash then, instead of diluting us unnecessarily. An example would be EQN, who did a placement for the working cap on commencement of production.

However, to be honest I think CDB and BOC wanted GBG to secure working capital requirements prior to the draw-down of the debt.

I'll take up the SPP, however percentage wise this placement will reduce my overall holding value.

We are going to have well over 900 million shares on issue now....

Not happy.