I don't think they will give it up that easy. They know that this deal will add a LOT more operational value to WGX. My guess is 4 to 1 and a 7 to 10c special dividend will get this through even without GCY boards approval. Still think this T/O is a better than 90 percent chance of happening. GCY's profit was approx $36,000,000 last year when not including the book value adjustment from the impairment cost. With WGX U/G ore pushing production above 100,000 oz, the profits annually would jump comfortably over $50,000,000. The payback time for this deal currently sits at just over 2 years. Even with the cost of a 50 million sweetener, this deal is a no-brainer for WGX. Just imagine how much cash WGX will make when they are feeding Dalgaranga mill with 6gt plus grades from Great Fingall and Golden Crown.
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