observations...

GWE Stats (4/5/06)...

Open = 26
High = 33
Low = 23
Close = 29.5
VWAP = 28.06
Volume = 17.6m shares (previous high 2.2m)
Volume = 4.3m options (previous high 250K)

Shares on issue:
FPO = 26,950,000 (listed)
New directors shares (FPO) = 8,000,000 (soon to be listed)

Options on issue:
20c ex. 24th May 2009 = 24,950,000 (listed)
20c ex. 11th March 2009 = 2,000,000 (unlisted)

Incentive options (directors):
30c ex. 31 July 2010 = 20,000,000 (unlisted)

Cash:
Q3 = $709K
Capital raising from directors = $1.2m

Fully diluted position at today's close (29.5c):
Shares = 81,900,000
Cash = $11.95m (14.5cps)
Market cap = $24m

Company/project value (market cap less cash) = $12m

Assets:

MT GIBB NORTH (80%): Gold & Nickel in JV with Jindalee Resources

HATTERS HILL (80%): Gold

URANIUM:???

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One might argue, their existing assets are worth close to the current market cap.

I have long suggested that GWE's main problem since listing has always been a distinct lack of liquidity...with this obviously well and truly fixed today, we may now finally be able to look forward to reasonable carry-forward valuations.

As such, although today's interest has obviously been Uranium driven, the off-set is the likelyhood of equitable value also being applied to their existing Nickel/Gold assets...which brings me to the next assumption; could we be looking at a spin-off scenario for the nickel/gold assets here, or simply a divestment?

Finally...one would assume any acquisition would result in dilution in one way or the other...but given their intented AIM listing, such dilution might find a very happy international audience, particularly supportive of the new directors.

In a corporate sense, it appears GWE have been given the nod here...will be interesting to view the expected changes in substantial holdings notices.

Cheers!