I note that there are 3 Chinese on the board of GWR: Ten Seng...

I note that there are 3 Chinese on the board of GWR:
Ten Seng Law: Non-independant Chairman
Chin an Lau: Non-ind director
Kong Leng Lee: Non-ind director
Could this be a "mates of mates" deal?

The ultimate dilution is significant : 567 mil shares up to 794.
This will negatively impact on EPS & SP based on fundamentals later, IMO.

For example, suppose the NPAT next year is $6 mil
That would be an eps of 1.06 cps with the original 567 mil shares and a SP of 10.6c with a P/E of 10
With the diluted 794 mil shares and the same $6 mil NPAT the EPS would pan out at 0.7c or a SP
of 7c @ a P/E of 10.

Perhaps this is why the "wise guys" have sold down the SP to sub 7c ?

All IMO only; please do your own research.

Cheers
MM