You have analyzed SDVP issues very well in your last few posts. The Koreans have no incentive to invest right now if they can stall and negotiate better. The GXY board is responsible for the whole mess by merging with Li1 and committed themselves to SDVP beyond their means amidst great uncertainties in the capital market all around the world. The management was putting us in harm's way by committing to new capital projects after their failure in fund raising as evidenced in failed HK ipo.
The title of your current post is unfortunate. The current mess started with the Li1 merger. The mainland Chinese have contributed their debt and equity capital. There are different groups of mainland Chinese investors and capital providers that have different political affiliations, like anywhere else. The management's failure in raising capital from them and their lack of a plan B is the problem.
From posts in shareholders briefings, GXY seem to have commitment from institutionals from the past couple round of fund raisings. I wonder why the current management cannot spell out their names as they would have been in as much pain as you do except that their money is other people's money.
For the time being, not only current management should not create unrealistic expectations about the Korean consortium , they should realistically assess the likelihood of Korean consortium coming in within the previously prescribed timeframe. Only in that way will they become credible. Or else, all would be lost.
Hope this post give you some perspective and context.
GXY Price at posting:
7.8¢ Sentiment: None Disclosure: Not Held
