Management/Board have lost control of the company. The...

Management/Board have lost control of the company. The convertible note was a crazy (read stupid) financing instrument for an explorer. Said it at the time. Fine if the share price went up and they could raise capital at decent prices so not to dilute the shareholder base and repay the loan. Conversely if exploration results/progress on asset divestment didn't progress sufficiently (which has been the case) and the share price falls, and it has then the loan becomes a noose around its neck. Collins Street will end up wrapping this up and other holders will be left with crumbs if they're lucky. GBZ is here only because of very poor management. Rohner, if you had any decency you'd resign & if the Chairman was doing his job he would have forced the issue. Appalling decision making.

Sentiment changed to 'sell'