if debt to equity swap?, page-3

I think that is their play ithaca, besides GPG own nearly 20% of the shares on issue so they will want fair value as well as fair profit. After all, nothing material has changed within the company since they took up their stance, save for the arrival of these predators, who no doubt know all about NAV, as do GPG

As far as I can determine GPG entered the register on two occasions, providing an average entry price of something north of 8c, therefore its a matter of taking a guess at what sort of deal they would embrace. They do after all, have a seat at the table, and with a fellow like Ron Brierley at their helm, they will not go quietly.