second attempt at gwr, page-5

Rego, I would be most surprised if they decided to sell their GWR shares at this point in time. GWR's total orebody is probably worth $100b at current prices and FAS is the main and controlling shareholder.

If you had control of this asset would you consider selling your shares for $30m at current share price levels?

Even if this was your intention, you would be doing your best to stay afloat until sp improves. They do have enough to keep them going. For example, FAS' main shareholder Doutch has at least $5m which he received for his tenements at Joyners Find, so it is clear that this money can be used to keep FAS afloat for a while if need be.

However, the real position is that without FAS you cannot have GWR, so the value of GWR is equal to the value of FAS.

This means either that there will be a takeover of FAS by a friendly investor, or that FAS will be capitalised by a friendly investor, and then FAS will proceed to take over GWR again.

Any thoughts?

These are my