Hi Gindaldan,to work out percentages, shareholdings, etc. you...

Hi Gindaldan,
to work out percentages, shareholdings, etc. you really need to fully dilute the GBG shares by adding in the unexercised options which will bring the total shares after the placement to around 830m from memory. GBG has used the shares on issue to describe the effect it has currently.

Ansteel will eventually end up owning about 31% of GBG or just under a 1/3 shareholding. Less than the "on issue" figure GBG is using. Unless the unexercised options don't get exercised of course which is unlikely.

I'm like you, not really overjoyed with the result but realise the benefits and the strengths it offers to GBG in this climate. I agree with you too that Ansteel holding their own share of the final money in Australia and not paying, was like holding a big stick to GBG.

I think B&M were lax in not raising money when the market couldn't get enough of IO shares and the prices were up, even just as insurance, to strengthen the balance sheet.

GJ confirms my reasoning when he recently said the Pilbara giants "ripped their throat out with a 90% price increase", surely that was an indication prices were peaking- it was to me.
They are probably still living in a dreamworld with GJ expecting a further 10% price rise this year and the next.