j, the company is going through a reorganisation/reconstruction...

j, the company is going through a reorganisation/reconstruction of capital in order to be reinstated to trading. The reorganisation involves the issue of 1 new share for every 5 you previously held, ie if you previously owned 1000 GLN you now own 200. You do not have to pay anything for them.

What this has done, along with the issue of new shares, has diluted the previous holders to a point of relative insignificance, so that the recipients of the new shares will be the major holders. Good luck to them. They've cleared the debts. At least the company has a glimmer of hope.

However, if you read the documents sent to you, you will note the company has no cash and therefore will need to undertake a further capital raising to raise cash. Note the auditors comments on the half yearly recently prepared & posted on ASX. Company's ability to raise additional working capital is essential otherwise "there is significant uncertainty about the company's ability to continue as a going concern".

I would expect that upon reinstatement to trading the company shall be approaching existing shareholders with cup in hand. Only two plots of land held. Not a lot to go on. However one would assume the purchasers of the old assets will be involved in the new company in some way. Should be interesting to see if GLN has any future.

At least it will relist. OPES won't.

Cheers,
Mac