Ansteel should return the KML AUD$50m shareholder loan to GBG shareholders as they will have 100% ownership of KML after taking over GBG. In this case, the current GBG cash holding of AUD$33.1m stated in FY2019Q2 report will be increased to AUD$83.1m or AUD$0.055 per share compared to the offer of AUD$0.026/share, less than half of cash per share.
On top of this, Ansteel will also get 100% ownership of the LODESTONE 1.482 BILLION TONNE MAGNETITE RESERVES (27.1 % Fe) in the TENEMENT E59/1002 by taking over GBG, what a steal !!
I fully agree this buyout deal is a total rip-off and is not right, being fair. Australian authority should look into this.
Ansteel should return the KML AUD$50m shareholder loan to GBG...
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