Ann: Update on Merger of Greenstone and Horizon, page-30

Terms of the merger are very precisely communicated but in small print the directors want 37,125,000 unvested performance shares to go away with as an unearned $375,125.00 bonus based on a GSR SP of 1 cents.

From what I can work out the ratio between Horizon and Greenstone shares was calculated on the ratio between their respective market caps during the previous 30 days. In that situation pushing the Greenstone SP down at the end of trade and in the auction after 4pm to recent all time lows doesn't bode well with me.

I did not see one calculation based on assets being brought into the merger from both sides for example where is Mt Thirsty's valuation in all of this. It is suppose to be worth billions.

Did you notice the board has not commented about how the recent $1.9 settlement could help Greenstone continue on alone. And have you also seen how the directors are going to bring forward the unvested performance rights re Mt Thirsty unpublished scoping study to comply with the Scheme conditions. Why should these directors get these unhurdled performance rights they wont release the scoping study for us to have a look at.
This mob of directors did a cap raise after cap raise and that in itself pushes the SP down and all the while they have an opportunity to bring working capital in by mining Burbanks Norths shallow open pit.

I guess it is normal for the companies to survey shareholders but why do that when a merger plan has been announced, it doesn't make sense and I tend to think there may be an antagonist directly communicating with both boards, Anyway I wish I get a call and I'm sure the telemarketer would quit soon after in disgust with the GSR directors taking those performance rights.