Except for a few I sincerely do feel for most SGI shareholders...

Except for a few I sincerely do feel for most SGI shareholders who predominately invested in SGI for their retirement. Even with the court case: win, lose or draw the result was always (at this late stage) going to be totally irrelevant. Purely academic. Simply put SGI has run out of time and money. Even SGI’s BOD has spun the appeal ‘win’ to reinforce and justify the merger. Why? Well SGI is in total debt to Auramet and CYL with no organic growth. When you are totally debt financed with first dib encumbrances those who own the debt effectively own the asset (SGI). Worse SGI’s major shareholders participated in CYL capital raising to fund the merger. Worse Senior executives with the tiniest of vested interest need CYL with $$ to pay out their golden parachutes so they can move on to the next company (rinse and repeat). Worse if SGI pull out of T/O deal they will need to pay CYL $2m termination fee (which they don’t have)… CYL can then either lodge an Appeal to High Court with costs and ruling to be decided in 3 years’ time (SGI don’t have 3 months) or accept 40% farm in from SGI…either way SGI are on their own and must seek funding to either carry on with the appeal and operate solo and/or pony up 40% of the costs for the farm in (and be subjected to being a junior partner) in order to garner 40% of the revenue. CYL would love to de risk the Marymia projects by 40% whilst still making 60% profits, however, any funding from SGI is still the issue and this mob have proven that as a going concern this will be a difficult proposition. Just look what SGI have done with their court ‘win’ on K2 handed down over the last 18 months ago: No agreements, no funding, no bulldozers, no gold etc NOTHING!

Once again given that the are no other third-party offers SGI shareholders only have one rational choice!