GBG did not want to raise capital when the price reached near $2...

GBG did not want to raise capital when the price reached near $2 on a couple of occasions, even though they could have easily raised the final payment at $1.50 a share. They thought it would be too dilutionary at those prices and there was no need to do so because they had an agreement with Ansteel.

For them to contemplate anything that is much less now is a poor move on their part. If it was a good idea then not to issue shares because they were too cheap- then surely it must be a better idea now to not issue shares when the price is so low.
It might seem all warm and fuzzy on the surface but they simply don't have to, unless the price is extremely attractive.

Misjudgement also on their part that the IO market will remain strong and China will remain indefatigable. GJ is still insisting on a 10% IO price rise this coming year, and the next,- his chances are not looking good and mark my words- GBG will use the slowing Chinese demand for IO as an excuse to sell GBG shares at substantially less than what they could have achieved earlier.

Sure hindsight is a great thing but what are you paying the board and management for but to make the correct decisions at the right time. Not to make rash decisions at the worst possible time!

Having said that, it all depends on the price offered but CCZ has obviously been sent in to bat and feel out the market. Talk about transparency- how did CCZ come up with those figures as an example if GBG haven't divulged them??????? That would be reckless on their part then and I don't see GBG asking them to retract it. Exactly the opposite in fact with GBG promoting their report.