back on the boards today, page-108

The ANZ warrant deal is a massive plus for shareholders - minimal dilution and ANZ have significant skin in the game. ANZ only win if the company survives. If you compare this deal to what the Listed Property Trusts and others had to do during teh GFC to survive, with massively dilutive equity raisings, this is infinitely better.
So the key question is now what is the risght market cap for FGE with 100 million shares on issue and an order book tha they have plus the support of their bank (noting ANZ wouldn't have provided the support if they were a basket case - they would have let it fold a la Hastie).
Not that HC likes comparing other stocks, but when you compare FGE with MND, and the one-off nature of the write down, the long term outlook for the patient investor is still pretty good. Unfortunately for those who bought on teh Roy Hill announcement above $4, you will have a long-time and another mining boom to wait for a full return of capital.