Ann: Scheme of Arrangement and Demerger, page-3

so if I've read this correctly, Ansteel are proposing to roughly pay 6,000,000 for GBG's existing holding in KML

GBG has 30m in term deposits.
A separate entity to house Mt Gunson gets spun off with roughly 10m in cash
Ansteel take over GBG, which will still retain roughly 20m in cash for 0.026 per share.

So in effect Ansteel buys GBG's holding in KML for 6m

But do Ansteel receive shares in the new spun off entity for their current holding in GBG.

I'd be inclined to vote against this. As far as I see it, no real value for GBG shareholders. I'd rather take my chances with KML.