My two cents worth: The offering will go through at 8c, it will make the minimum subscription but not be taken up in full. The share price will be capped at 8c for the foreseeable future. Negotiations with bond holders will drag on for weeks, possibly months. Approaching final maturity the pressure on GXY will mount. The bond holders are holding all the aces and will make an excellent deal changing the bonds for shares. I fully expect them to make a better deal than those who participate in the offering. Accordingly, one could expect the share price to trend even lower in the coming months (regardless of what happens at Jiangsu) unless the bond issue is resolved.
GXY Price at posting:
7.8¢ Sentiment: None Disclosure: Held
