john cahill on brr today, page-15

Hi Greenknight

There are ways of doing a new option issue. Envirogold just did it, and did a 1 for 2 offer to both option holders and shareholders.

Envirogold is a very well managed compony and I think they showed credibility in their actions for doing this. Put your money where management does the right thing by shareholders and optionholders.

I won't be sinking more money into GBM unless they serve the interests of both optionholders and shareholders, as I think it sends a bad investment message to the market.

I think it is quite silly that GBM management ignore the potential value of optionholders as they could become future shareholders and inject capital into the company at some point in the future. If their options expire, they will never be back and will not touch GBM with a barge pole.

Shows a lack of forsight in my view. Think I will sell my GBM shares as soon as it relists as demonstrates to me that management are not capable of seeing the opportunities which exist right in front of them . Happy to be prooven wrong if they do do the right thing and doa bonus option issue on a 1 for 2 basis to shareholders and optionholders alike.