Multitude of reasons why re-rate hasn't occurred. My 2c in decending order of reasons: has alot of debt, need lots more debt to fund future projects, K2H has significant long term risk (droughts etc may affect performance), management own very little stock, GNX has had 3 faces of the company over 3 years, Management were quick to sell this company when Skip bid for it...Showing they aren't in it for the long haul.
The best case scenario in my view is Skip has another crack maybe next year, with a price of 26c+.
GNX Price at posting:
15.0¢ Sentiment: None Disclosure: Held
(20min delay)