>I thought its its 30m share of gbg out of 60m that ansteel may convert into holdings in partial or full....so its not really valuing gbg as 44.6 cents but actully 22.3 cents...
the following is from the ann :The conversion rate is as follows: ? Conversion Shares = Loan Amount x Issued Shares Capital ? Loan Amount - $60M or a lesser amount at Ansteel’s election ? Issued Shares - 308,080,000 fully paid ordinary KML shares on issue ? Paid up Capital - $1,329,145,375 For example, if Ansteel converts the entire A$60,000,000 of loans, then KML will issue 13,907,283 Shares to Ansteel or approximately 4.51% of total issued capital.
GBG Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held