I would still prefer GCYs MD running the operations on the...

I would still prefer GCYs MD running the operations on the ground Killa.
He has proven himself these past 18 months.
I cannot be happy with the ratio of the offer. GCY is giving away so much equity, yet.... I cannot put all the blame on the board or MD.
GCY is here largely because of past management poor performance.

It is a shame the sector is still out of favor, even with high gold prices, but, it is what it is.
The merged entity, if done today, would have net cash of around $15m and an market cap of $137m, or an E/V of $122m.
It is brutal for the smaller producers. Sure, the big end of town are seeing their share prices fall, but... their valuations are simply so much higher, they don't even blink.

I do agree, it will be interesting to see what happens, once those that want to hold a merged entity, take hold of most of the FFR shares. The big holders in GCY have obviously already given the deal the nod (even if they were not 'asked').
FFR board and large holders are already in. So its just the churn of retail to go.

I will even be so honest, as to assume that many might view FFR as the lesser risked entity, with less limited downside..?
I don't quite view it that way, but, I am trying to look at all perspectives.

I still am surprised at why MGV don't offer to merge with GCY... they could likely get a similar strong outcome for their holders, if this is the best we can do with FFR. MGVs ore would be insanely profitable.

The best I can hope for in the medium term, is that GCY meets guidance, and we get a change in sentiment in the sector.