For a change, retail investors are in the box seat on this...

For a change, retail investors are in the box seat on this offer. Institutions who paid $9.25 a share for about $400m worth of new shares are now dumping them on market in the $8 range, which means there is no incentive for any retail investor to accept the pro-rata 3 for 5 deal, which is the same as the big guys got. It was generous of GCL to offer small shareholders the same terms as the institutions, but small shareholders are cleaning up nicely now. This is a rare occasion in which the little guy can do better than the top end. Long term, and maybe also medium term, this is a great buy.