GXY will have played the lowest card to stay in the running for...

GXY will have played the lowest card to stay in the running for negotiations. That was swap debt for all A40 assets and nothing for anyone else.

They have flushed out Chel as the only competitor, if they dont come back with a binding offer its all over.

If they do make it binding GXY can change there offer.

Being the existing loan holder GXY are in the box seat.

Its the VA job to get the best deal for creditors. Its unlikely 2 docas will go to a vote, its usually a Doca and Liquidation as the options.

Still a long way to play out.

My worry is GXY BOD pride does not lumber us with another asset we cant afford and we dont develop SDV.

Lets see