Hi Guys, I have been following GBG for about 12 months now. Though it is sad story, i believe there is a slight chance the company may survive.
The current market Cap:$90million Ansteel owns 36% of GBG and 50% of KML.
It is becoming comprehensible that Ansteel will convert the GBG debt into 62% of KML, if that is the case, GBG will need to fund KML with only a maximum of 38%(of $150-$200m)which is $57m-76m.
A further shares dilution is unavoidable, but works best for the shareholders
I will be keeping an eye on how things evolve.
Good luck to all
bouhr
GBG Price at posting:
5.9¢ Sentiment: None Disclosure: Not Held