t/h, page-14

Interested to know how you get 15c. Does it take into account the options?

The structure of the offer seems strange. Taking into account option exercise, 2.5 shares will be issued at 8c for every pre-existing share. But 1.5 x 8c will not be received until the end of 2014. If GXY is cashflow positive within management timeframe then what is the purpose of the option cash inflow? It makes me wonder whether management want a backup in case the plant is still not cashflow positive.

Either that or 1:1 at 8c sounds better than 2.5:1, which is reality.

Imo the offer is overly generous to new investors, which is no doubt why they are queuing up for it.