Barley - based on the trading at the time of the deal/sale the market didn't expect the transaction to proceed. We were going to get $20m, and had a market cap of about $12m I think, and also still had our other assets. We should have re-rated substantially. But it wasn't a sale at all. It was a smoke screen, a dud deal, probably written on a napkin. After multiple delays, low and behold - deal's off. The purchaser paid no deposit and no penalties for delays etc (as far as I'm aware).
Best thing that happened in a long time is that Craig M left (presumably pushed) after years of failures and underperformance. The new management appear to be getting things moving and are better at marketing. Let's hope they can get this company moving in the right direction.
Cheers
Doyle
GMR Price at posting:
3.6¢ Sentiment: Hold Disclosure: Held
