Personally based on fundamentals and peer comparisons the GDO sp...

Personally based on fundamentals and peer comparisons the GDO sp should be higher. In regards to why this is weighed down their are few factors to consider (omitting obvious).
Froneman has a history of placing optimistic targets and failing to reach them, many will wait and see what the actual progress looks like. For his own credibility he needs to reach the 2011 target.
The last qtr was ok to good on the whole. The debt facility cover for the bonds offset some positive cash flow, however a necessary evil and hurt money runs at about 5 points for cover so fairly priced.
Whitewater a waste of time. A bunch of shares in a bankrupt company so don't expect a re-rate from this. This deal was cut long ago and one of the directors even sits on both sides of the fence. No chance of a conflict of interest of course ;)
Every board has a solicitor on them, so this will be executed at arms length.
For me when you weigh the pro's and con's, IMO GDO has far more weight on the pro side.
A major re-rate would come from someone like Les Davis taking over the helm!