ann out: adjournement of agm, page-5

Positives to take away - the board is fully aware of the dire need to curb costs and pay down debt. Also to get Jiangsu up to 100% asap.

Negatives, they are handing shares out like lollies - I don't even agree with the 6 months forgo of salaries in place of shares - that's just further dilution. I don't like the idea of so many options - gifted - they will put a cap on any sp increase until Dec 2014 unless there is a huge turnaround in the company - highly unlikely.

For the stars to align they would need to sell James Bay and Cattlin for circa $40M, get a generous JV with Korea Inc. for SdV,have Jiangsu 100% by end of calendar year and have the debtors be generous with their time frame terms. Otherwise I see GXY limping along.