I agree it is most disappointing to see Mr. G leave the helm...

I agree it is most disappointing to see Mr. G leave the helm after such a tremendous effort, Ian, I personally salute you for your invaluable contribution over the years and in the most frustrating of times.

Next question is why would Mr. G resign ?
Throwing in the towel, does not sound like him, then there is the wording of the two announcements ;

Mr. G said : " I take this opportunity to wish Gippsland Ltd every success in its future endeavours "

Co. Company states : "A further update on the Company’s Board structure and current circumstances will be provided as soon practicable"

Neither of those sound like all over red rover, would appear to indicate he doesn't agree with the way the board / company is going, there is something in the pipeline that he does not agree with.

What options are there ( after sorting the tenure issue )

a) the finance deal has flushed a buyer for Gippsland's full 50%
or
b) the new Egyptian investor wants to buy Mr. G's 48% of GIP ( and it would be in remaining shareholders' best interests to waive a full takeover )

Optimistic ? Well that is why TPG has been invested here over 10 years.