Logic of merging the operations very sound, execution and pricing is just plain dumb. GCY have overpaid "big time". Well played FFR walking away with +32% of the merged group and extracted 90% of Firetail Resources shares for FFR shareholders as a bonus "take that" to GCY shareholders. Were we actually represented in these merger talks ?
Given GCY shareholders don't get a say we can only hope that the next step is that our MD is replaced by the FFR MD. I see Simon is going onto the Board as a Non Exec. Lets hope his elevation to the main job is sooner than later. At the very least have Simon negotiate all future deals to consolidate other "stranded" deposits.
Merged Group however still looks collectively undervalued and i will be interested to see if GCY shares rise after the FFR punters exit the register.
Ann: Gascoyne and Firefly Agree to Merger, page-3
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