Ann: Change of Director's Interest Notice , page-6

Most brokers value GBG $1-$1.20 post the rights issue. Doesn't mean much given the market sentiment.

All iron ore stocks are at lows besides SDL (t/o offer) and AGO. No reason for GBG to be trading above these levels unless global markets stablise. We will always carry a larger discount to producing peers like AGO, MGX and FMG because we have a greater risk, especially given cost blow out risks.