A Word of Warning, page-6

He "allegedly" wanted a bigger share.

If he made a formal offer to GMC for a bigger share, it would have triggered the takeover provisions and we would have seen a bidder statement being released, but we didn't see this nor the revised terms of his offer.

The only offer GMC has is $6M convertible note for 25% of the project, and even this investor has yet to actually reach settlement on this - as we just heard yesterday, this has now already been delayed once.

I'm not sure how the acquisition of 25% of the project has bypassed triggering the takeover provisions to be perfectly honest - I will make sure I check with ASX now that I think about this.