Ann: Firefly Scheme and Westgold Offer Update, page-28

Hi Coke, Just picking you up on 1 of your points above. GCY Board is at fault here as they did not leave room to extract themselves from the deal they signed with FFR. As it has transpired, WGX could have offered 1 for 1 and we could have all accepted, but the deal was never going to happen as GCY management signed a deal they should never have signed and locked us into it. Not sure how you work out that they are not "at fault" as it certainly appears they had no idea that they had signed such a deal. Otherwise why did they not tell the world when WGX made its first dance request that they cannot get out of the deal and cannot accept any deal without FFR's express consent. They have wasted a lot of people's time and cost all shareholders a lot of money. Obviously the major shareholders were also not aware of the restrictions on the signed deal. So i have a simple question for both ASIC and the ASX - was the market fully informed ?

Timing of some of their moves was interesting to say the least... like only agreeing to call it a superior bid "just" after the Takeover Panel closed its review as GCY had not made that declaration. If they had made such a declaration earlier in the day to the ASX then this may have ended up differently. We will never know now. They had made that decision earlier, but had not communicated it to the ASX. Why not ? Once again was the market fully informed ?

More to play out on this one. Still can't see how GCY Directors can look the FFR Directors coming on board in the eye and not feel completely inferior. The resignations/sackings should follow.