Well I tipped this yesterday and I'd also tip that it was GBG...

Well I tipped this yesterday and I'd also tip that it was GBG just as much as Ansteel who was keen on this alternative. They've been negotiating this for a while I reckon, and that's also why Ansteel hasn't been buying at these levels.

Anyone suggesting they woukld vote against a share issue if the price is not suitable should first consider where is GBG going to get the money to service the debt for the equity portion- let alone their share of the $1.4b finance side?

Suitable cashflow to service the debt and costs will be a minimum 12-18mths off and positive EPS is at least 2.5-3 years off.
GBG would have to raise capital anyhow just to service the debt.

I wrote a while back that Ansteel has GBG by the balls and GBG can't really afford to upset them.
No-one will know what "substantial means until they tell us.

"effectively" "substantial" - what? Means zilch and as a shareholder you have to go along for the ride. Their comments of late suggested to me that something was on the cards.

It's positive though in the sense that GBG has little choice because they would not be able to service the debt anyway without raising capital and if they can get a premium, then that's a lot better than issuing shares at a discount!!!!!!!!!!!!
But it's a premimum on a substantially discounted shareprice which is a con to pretend otherwise!

GBG's own NPV of its shares put them at around $4.00 a share on a 12mtpa startup and the shareprice is now 41c.
What's a fair price that the independant expert will agree is fair? Any price the party paying their costs is willing to accept!!!!