Since the announcement of the bungled takeover firstly made on an public holiday, GGGs actions have wiped approx. 70m from the value of both companies and for what? not 1 acceptance. Superb job, and they continue to extend it, for what more egg on their face.
Baker Steel publically put their support behind AZX and yet again the GGG Board haven't listened to its shareholders.
On top of this AZX made some very strong arguments in their target statement which demonstrated sound thinking from professionals who had built and operated gold mines in Australia before. Not one of those arguments were rebutted which suggests that GGG didn't think through this ill fated and damaging takeover. Bravo again.
Lastly, its an australian asset, with australian mgt deveoping it and appears to suit both aus and uk investors to be domiciled in aust with its home listing on the australian exchange, the sooner GGG directors and some of its blinkered shareholders acknowledge that the better.
If GGG were serious they would have moved at least a couple of its perceived key people here to help develop the project. Once again a Fail.
Both companys have done a great job getting it this far but its time for some common sense to prevail, stop extending and acknowledge the most appropriate consolidation structure and get on with it.
also if i had a preferred asset to be in, it would be azx over ggb.
cheers
AZX Price at posting:
46.9¢ Sentiment: Buy Disclosure: Held
