They didn't offer any cash component, it was purely reliant on WGX scrip that was, if I remember correctly, languishing around the $1.60 mark at the time. This valued GCY at roughly 41.5c per share. This was valuing the company below it's assets. That is what I call penny pinching. If the original offer was more reasonable, we would not be having this discussion, and GCY would be part of WGX. As it stands, the upside is far greater with GCY going it alone however the risks are much higher as well. The jury is still out on whether they can make another value accretive find in the Yalgoo's. If they make a reasonable find, WGX will be paying multiples of their original offer. If GCY struggle, then WGX will snap GCY up IMHO for between 160 to 220 million 43.5 c to 60c per share. This is the closest thing to a free roll one can get.
They didn't offer any cash component, it was purely reliant on...
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Last
$3.07 |
Change
0.020(0.66%) |
Mkt cap ! $2.895B | |||
| Open | High | Low | Value | Volume |
| $3.02 | $3.08 | $3.02 | $21.57M | 7.062M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 20506 | $3.05 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.07 | 72825 | 3 |
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| Last trade - 16.10pm 22/08/2024 (20 minute delay) ? |
| WGX (ASX) Chart |