Ann: Gascoyne Letter to Shareholders, page-5

I do like the very plain spoken approach.
Slightly conciliatory, yet... also being clear that WGX is simply not going to get the company through the current offer.
My gut feel is WGX is not going to let GCY go, as there are so many benefits for them, whilst only slightly diluting their current shareholders (approx 14% currently).

GCY has 252m shares.
WGX has 426.1m shares.

Here are some numbers...
Current offer... 4 GCY shares for 1 WGX share.
Current share price if completed today would be $0.47 per share for GCY shareholders.
GCY shareholders would have 14.5% (that is what I get anyway, perhaps I am calculating it wrong?) of the merged entity (WGX+GCY).

Obviously I feel that the current offer is too low. Yet... I am also realistic that the big holders, are here to make money above all else, so are not blind to to the advantages of becoming holders of WGX

WGX would (IMHO) only have to increase the offer to approx 3.5 GCY shares for 1 WGX share (to basically get this over the line).
Current share price if completed today at a higher revised offer would be $054 per share for GCY holders.
GCY shareholders would have 16.9% of the merged entity (WGX+GCY).

Just for the sake of comprehensiveness, here is an even higher offer (though I won't hold my breath, unless we get another bidder)
WGX could increase the offer to approx 3 GCY shares for 1 WGX share.
Current share price if completed today at a higher revised offer would be $0.625 per share for GCY holders. GCY shareholders would have 19.7% of the merged entity (WGX+GCY). I think if this has been offered from the start.... they would likely have already secured the boards support.... but... WGX have a history of being rather... bland with their past T/Os.

Hopefully most can see just how a small increase in the total ownership GCY gains with any increased offer, is perhaps likely to get this over the line... Disappointing to type to be honest.

I am still a bit surprised at the fact that no other bidders have arrived, but.. perhaps they are being very patient and waiting to see just how much WGX will actually offer.

Of course... GCY do have other assets too! Current E/V is now under $80m....