Ann: Acquisition of Senior Secured Debt Facility, page-66

This is a total masterstroke from Galaxy board. They have caught the shorts blind sided. The combination of equity and debt facility changes everything as it turns the deal into a hedge. WIN/WIN. They have a covenant over the entire company and the associated assets for a poultry US$31m. Unbelievable deal.

Shorts had 25 minutes of open trading on market to punish the share price if it was a bad move.

I think where things get REALLY interesting is when you consider what Burwill do with their 50% stake in Chinese converter? This is A40 main customer. If GXY purchase this stake, GXY have total control over A40. They could effectively refuse to take spod and crunch A40 into the ground. Of course this is bad business and would burn Jiangte, but its food for thought.

Enter Jiangte. Where do they fit in all this? Surely they need to throw something onto the table given they have a large stake in A40 also?