B) No I Don't Like Dilution, page-57

So what is the real value of what we are giving away in rights/shares to the directors?
I guess there several ways of thinking.

1. Today's closing price 2.3c x 45mil = $1.035mil.

2. Today's high 3.3c x 45mil = $1.485mil.

3. Today's announced cash investment/injection. 8.6c x 45mil = $3.870mil.
Follow the maths and I stand to be corrected.
$10mil for 10% or $20mil for for 20% in PT Gulf Mangan values PT at US$100m or around AU$130m.
(Aside: this deal doesn't appear to be as well negotiated as the first one as we are giving an extra 5% for only an additional $3mil and may have something to do with a lack of strength in the price imo)
GMC current stake is 98% in PT Gulf Mangan (pg.56 annual report) which will eventually reduce to 78% if Pak invests whole amount.
78% of AU$130mil = AU$101.4m
$101.4m/1.179b shares = 8.6c

This raises the additional question of why would Pak invest in something that we are either undervaluing or he is overvaluing at today's closing price? Does he and the directors know something we don't?
Either way giving away any of those numbers is a huge dent to your investment.
Vote "no" to dilution and show them you care about your investment.