Yes it seems like management bent over backward to the tune of $1M in project development expenses for the Toad (which I think means wining and dining him, probably flew his highness over here in an Emirates suite).
He pulled the pin because he didn't get to a net worth of US$150M by doing deals in which he paid over 10x the market cap for a 10% stake. He probably realised this and wanted more.
Or maybe he's simply realised that GMC management aren't the best at negotiating and completing deals with fellow Indonesians and has realised it's too much risk having his money under them.
It's time for a new leadership. Let's get that 5% together and make it count.
GMC Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
